IT & Telecom exports increase the most to $1.05 billion in five months

IT Telecom exports

Pakistan’s IT and telecom services exports have reached their highest level in five months. For the period July-November FY2021-22, ICT export remittances, which include telecommunication, computer, and information services, increased by 37.57 percent to $1.051 billion, up from $764 million in July-November FY 2020-21.

ICT export remittances were $221 million in November 2021, up from $168 million in November 2020, a growth rate of 31.55 percent. Similarly, export remittances were $26 million higher in October 2021 than the previous month.

For the fiscal year 2021-22, net exports were $797 million, or 75.83 percent of total exports of $1.051 billion. For the same period last year, net IT & Telecom exports were $554 million, or 72.51 percent of total exports of $764 million.

Read more: Rs 10 billion fund established for IT industry to enhance tech exports

Exports through other Business Services reached $643 million during the period under review. Government Goods and Services accounted for $380 million in local produce traded on global markets, while Travel and Transportation accounted for $429 million.

The fact that local and global IT companies are delivering a large number of orders to foreign clients in various countries is seen in the sector’s development in export value.

The government’s efforts to boost IT exports are paying off. Despite the constraints of ease of doing business, regulatory hurdles, and a dearth of trained human resources, leading IT exporters have intended to increase the sector’s exports.

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