Tuesday, June 25, 2024

Pakistan’s IT Export Jumps to $1.53 Billion in 7 Months

In the first seven months (July 2022–January 2023) of the current fiscal year, the information technology and IT-enabled services (ITeS) sector received export remittances totaling $1.523 billion, an increase of 2.35% compared to the same period last year. Information and communication technology (ICT) export revenue realised during the same time last year was $1.488 billion.

The IT sector exported $2.2 billion in the first ten months of 2022, accounting for 38% of total service exports and representing a 29% year-on-year increase, according to Arif Habib Limited (AHL) Head of Research Tahir Abbas.

The government had been focused on increasing IT exports, while the idea of establishing an IT park with significant tax benefits was also being explored, he added. “IT exports grew despite the persistent ease of doing business challenges and an increase in the cost of doing business,” remarked the IT ministry in a statement on Monday.

In January 2023, ICT export remittances rose by 2.15% and reached $190 million, in contrast with remittances of $186 million reported for January 2022.

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