Wednesday, April 24, 2024

Pakistan Earns $1.7 Billion from IT Services Export in 7 Months

In the first seven months of the fiscal year 2023-24, Pakistan’s Information Technology (IT) sector showcased significant growth, as indicated by a report from the Pakistan Bureau of Statistics (PBS).

During this period, the country generated a substantial revenue of approximately US $1.719 billion from offering various IT services to different countries.

This figure represents a noteworthy increase of about 12.78 percent compared to the earnings of US $1,524.969 million recorded in the corresponding period of the previous fiscal year, 2022-23.

Breaking down the components of the IT services, the export of computer services experienced robust growth, rising by approximately 14.09 percent from US $1,224.499 million last year to US $1,397.051 million in the July-January period of 2023-24.

This growth can be attributed to multiple factors, including the increasing global demand for IT solutions and services, as well as the ongoing digital transformation across various industries worldwide.

Within the category of computer services, specific segments exhibited varying trends. For instance, the export of software consultancy services showed a modest increase of about 1.14 percent, reaching US $3.542 million compared to US $3.502 million in the previous year.

The export of hardware consultancy services witnessed a notable growth of approximately 4.73 percent, climbing from US $454.283 million to US $475.783 million during the same period.

There were certain areas within the IT services sector that experienced a decline. The export of repair and maintenance services, for instance, decreased by approximately 12.17 percent, dropping from US $1.594 million to US $1.400 million.

This decline may be attributed to various factors such as changes in market dynamics, technological advancements, or shifts in consumer preferences.

On a positive note, the export and imports of computer software services saw a modest increase of about 2.71 percent, with earnings rising from US $349.635 million to US $359.094 million. This suggests sustained activity and demand within the software development and distribution segment of the IT industry.

It’s important to note that not all segments experienced growth during this period. The export of information services, for instance, witnessed a significant decline of about 19.62 percent, falling from US $2.600 million to US $2.090 million.

This decline may reflect various factors, including changes in market dynamics, regulatory challenges, or evolving consumer preferences.

The data indicates a positive trajectory for Pakistan’s IT sector, with substantial revenue growth and continued demand for its services in international markets. However, ongoing efforts to address challenges and capitalize on opportunities will be crucial for sustaining and accelerating this growth in the future.

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