Pakistan’s IT and IT-enabled Services (ITeS) export remittances declined by around 0.6 percent during the fiscal year 2022-23 (FY23) and stood at $2.605 billion compared to $2.619 billion during the fiscal year 2021-22.
According to the official data, on a year-on-year (YoY) basis, the sector’s exports remittances stood at $236 million in June 2023, the same as in June 2022. On a month-on-month basis, the sector’s export remittances also remained stable compared to exports of $236 million in May 2023.
The IT and the ITeS export remittances, including telecommunication, computer, and information services, reached an all-time high of $2.619 billion, a growth rate of 47.43 percent in FY22 compared to $2.108 billion in FY21.
The Ministry of Information Technology and Telecommunication had envisaged that the IT exports target of $5 billion would be achieved by June 2023.
However, it had also warned the government that on account of the non-implementation of agreed incentives, lack of consistency in policies, as well as, without resolving the tax and banks-related issues, the telecom sector exports remittances may suffer besides compromising its digital vision.
IT Exports will decrease further because people and businesses are trying to keep as much USD outside Pakistan as possible.
This is because of the situation of Pakistan .
This 100 percent true. Pseb is the major dent in IT exports. Imposing tax on sector which brings foreign reserves without any help from govt was the biggest mistake. Govt should focus on other sectors rather than interfering freelancers working.
03015589717