According to the Pakistan Bureau of Statistics (PBS), the exports of services in Pakistan has increased by 6.39% to $483 million in the first month of the current fiscal year (FY22), against $454 million last year. The highest-ever export of IT services has led the newfound growth in the service export industry.
Besides IT-related services, service exports also include finance, insurance, transportation, storage, wholesale, retail trade, public administration, and defence services. Considering the current growth in the services industry, the Ministry of Commerce has set a $7.5 billion target of services exports for 2021-22.
The services industry of Pakistan has out-performed the agriculture and manufacturing industry in the past decade. As a result, the services industry accounted for 56% of the share of the total GDP in 2005. Today the industry holds 59% of the total share of the GDP of the country.