IT Exports Decline by 15% to $199 Million in July

The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services declined by 15 percent month-on-month (MoM) in July 2022 and remained $199 million compared to $235 million in June 2022, says State Bank of Pakistan (SBP). However, on a year-on-year (YoY) basis, the sector exports remittances increased by 1.5 percent compared to $196 million in July 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 FY2021-22 compared to $2.108 billion in FY2020-21. 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. Pakistan was ranked the 3rd most popular country for freelancing in the world, and Pakistani IT companies are providing products and services to the world’s largest companies, the official added.