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Pakistan’s IT exports register 10% Decline in September

IT Export Remittances

Computer services and call centre services made up the majority of the IT and IT-enabled Services (ITeS) export remittances, which fell by 0.3 percent during the first quarter of the current fiscal year 2022–23 and stayed at $633 million as opposed to $635 million during the same period of the previous fiscal year.

According to statistics from the State Bank of Pakistan (SBP), ITeS export remittances decreased by over 10% month over month (MoM) in September 2022 and stayed at $206 million as opposed to $228 million in August 2022.

On a year-on-year (YoY) basis, the sector exports remittances decreased by around 5 percent compared to $215 million in September 2021.

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.

Also Read: Pakistan IT Exports Decreased By 15 Percent In July 2022

Federal Minister of Information Technology and Telecommunication Syed Aminul 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.

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