Pakistan’s IT Exports Post Meagre Growth in First 6 Months of FY23

Pakistan’s IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by 2.3 percent in the first half of the current fiscal year 2022-23 (FY23) and stood at $1.333 billion compared to $1.302 billion in the same period of the last fiscal year. According to the official data, on a year-on-year (YoY) basis, the sector’s exports decreased by two percent and stood at $246 million in December compared to $251 million in December 2021. On a month-on-month basis, the sector’s exports increased by 6 percent when compared to $233 million in November 2022. The ICT export remittances, including telecommunication, computer, and information services, had reached an all-time high of $2.618 billion in the fiscal year 2021-22 (FY22) compared to $2.108 billion in the fiscal year 2020-21 (FY21), registering a growth of 24.2 percent. The ITeS exports declined by 0.3 percent in the first quarter of the current fiscal year and stood at $633 million compared to $635 million in the same period of the last fiscal year. Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haque has raised the issues being faced by the sector in different meetings including the one held with the prime minister recently. The minister has repeatedly warned that the sector may face further decline if immediate attention was not paid.