Pakistan has reported its highest IT and Telecom services exports in seven months.
For the period July 2021 to January 2022 in FY 2021-22, ICT export remittances, which include telecommunication, computer, and information services, increased by 32.65% to $1.487 billion, compared to $1.121 billion in FY 2020-21.
ICT export remittances totaled $185 million in January 2022, up from $162 million in January 2021, a 14.2 percent increase. However, export remittances were $66 million lower in January 2022 than in December 2021.
From July 2021 to January 2022, net exports totaled $1.116 billion, accounting for 75.05 percent of total exports of $1.487 billion in FY 2021-22. For the same time last year, net exports totaled $804 million, or 71.72 percent of total exports of $1.121 billion.
The fact that local and global IT businesses are fulfilling a large number of orders to overseas clients in various countries is seen in the sector’s development in export value. Furthermore, the government’s recent approval of many incentives aimed at aiding the IT industry is projected to boost demand, reach ambitious growth objectives, and meet the required business potential for all sub-sectors in the field.
Furthermore, the government’s efforts to boost IT exports are bearing dividends. Despite the problems of ease of doing business, regulatory obstacles, and growing inflationary pressures affecting economic development, leading IT exporters have intended to increase IT exports.
