Government measures propel IT exports to $259 million, an 11.66% YoY increase

Karobar Karobar
Dec 20, 2023 - 10:25 Updated: Dec 19, 2023 - 21:07
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Government measures propel IT exports to $259 million, an 11.66% YoY increase

December 19, 2023 (MLN): The policy measures implemented by the government have yielded positive results for the Information Technology (IT) industry as the export of services through this industry has surged by 11.66% YoY to $259m in November, compared to $233m worth of exports in the Same Period Last Year (SPLY)

On a sequential basis, exports have increased by 8.82% MoM in November compared to the $238m figure recorded in October 2023.

The Caretaker IT & Telecom Minister, Dr. Umar Saif, expressed satisfaction with the latest trade figures published by the State Bank of Pakistan (SBP) on his social media accounts.

The data revealed by the Central Bank showed that the country retained a net surplus in the trade of IT services of $226m. While in October, the surplus stood at $204m.

Apart from the rising export figures during the review month, the import of IT services has also dropped by 2.94% MoM to $33m in November which indicates less dependency on imports and more developments in the domestic industry.

Cumulatively in 5MFY24, the earnings through Telecommunications, Computer, and Information Services have reached $1.152 billion, compared to earnings worth $1.09bn in 5MFY23, reflecting a significant growth of 5.88% YoY.

This growth is subject to initiatives such as the establishment of the Special Investment Facilitation Council (SIFC), and productive visits to Qatar to explore the huge untapped potential in the region to increase Pakistan’s IT exports.

The formulation of the first-ever IT and ITeS Export Strategy to propel Pakistan’s IT exports to $10bn in the next three years, is another crucial step taken by the government.

Furthermore, the industry is poised for a developmental phase as Satellite internet approaches Pakistan, with negotiations with Starlink now in the final stages.

In a recent development, the Federal Cabinet has approved the country’s first-ever National Space Policy which will enable private-sector companies to offer affordable internet services in Pakistan.