Sunday, April 14, 2024

Pakistan’s IT Export Surpasses $1.5 Billion for the First Time

In recent months, Pakistan’s IT industry has experienced strong growth, surpassing $1.5 billion for the first time. In March, the industry set yet another milestone by receiving $213 million in export remittances in a single month.

According to data released by the State Bank of Pakistan, export receipts through IT and IT-enabled services increased by $459 million or 43 percent year-on-year to $1.512 billion in the first nine months of the current fiscal year 2020-21, compared to exports of $1.053 billion in the previous fiscal year.

The significant increase in IT exports was fueled by software consulting, BPO, e-commerce, telecommunication services, and other services, owing to the Covid-19 pandemic, which increased businesses’ dependence on technology.

Through IT and IT-enabled services, the country earned an average of $504 million in export receipts. With a quarter left, the IT industry is expected to surpass $2 billion in exports.

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