Pakistan has reported its highest IT and Telecom services exports in seven months.
Information and Communications Technology (ICT) export remittances, including telecommunication, computer, and information services, for the period July 2021 to January 2022 during FY2021-22 have surged to $1.487 billion at a growth rate of 32.65 percent in comparison to $1.121 billion during the same period in FY 2020-21.
In January 2022, the ICT export remittances stood at $185 million, with a growth rate of 14.2 percent compared to $162 million in January 2021. However, the export remittances in January were $66 million lower than in December 2021.
The net exports for July 2021 to January 2022 during FY2021-22 stood at $1.116 billion, which is 75.05 percent of $1.487 billion in exports. Last year, for the same period, the net exports stood at $804 million, which was 71.72 percent of $1.121 billion in exports.
The growth in exports value of the sector is evident that the local and multinational IT companies are delivering a good number of orders to the foreign clients in different countries. In addition, the government’s recent approval of several incentives for facilitating the IT industry is expected to skyrocket demand, achieve aggressive growth targets, and meet the desired business potential for all sub-sectors operating in the space.
Moreover, measures of the government to support IT exports are reaping fruits. Leading IT exporters have planned to boost up the exports of the IT sector despite the challenges of ease of doing business, regulatory barriers, and the rising inflationary pressures threatening economic growth.
