The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by a meager 1 percent in August 2022.
On a year-on-year (YoY) basis, the sector exports remittances increased by only 1.3 percent to $227 compared to $224 million in August 2021, according to the data released by the State Bank of Pakistan (SBP).
However, IT Exports increased by 14 percent month-on-month (MoM) in August 2022 State Bank of Pakistan (SBP).
ICT export remittances, including telecommunication, computer, and information services, reached an all-time high of $2.616 billion, a growth rate of 47.43 percent in the fiscal year 2021-22 compared to $2.108 billion in the fiscal year 2020-21.
Federal Minister Information Technology and Telecommunication, Syed Amin ul Haque, has stated that the IT exports target of $5 billion would be achieved by June 2023. He further said that the government is taking all possible steps to ensure a long-term IT industry growth trajectory and enhance IT industry exports to $5 billion by 2023.
The spokesperson of the ministry stated that more than 6,000 Pakistan-based IT companies were providing IT products and services to entities in over 100 countries. Strong incentives are being provided to the IT industry, and there are several projects intended to facilitate and assist the IT industry in its growth trajectory and to ensure continued upward momentum in local and export earnings, the spokesperson added.