IT Exports Register 3% Increase in First Five Months of FY23

Pakistan’s IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by 3 percent during the first five months of the current fiscal year (FY23) and stood at $1.087 billion compared to $1.051 billion during the same period of last fiscal year. According to the official data of the State Bank of Pakistan (SBP), on a year-on-year (YoY) basis the sector’s export remittances increased by 5 percent and stood at $233 million in November compared to $221 million in November 2021. On a month-on-month (MoM) basis the export remittances also increased by 5 percent when compared to $221 million in October 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 exports. However, the IT ministry has warned the government that on account of the non-implementation of agreed incentives, lack of consistency in policies, and without resolving the tax and banks-related issues, the sectors’ export remittances may suffer.