Pakistan’s IT exports show a 40% growth in July-Nov FY21

According to the latest statistics of the export of goods and services issued by the State Bank of Pakistan (SBP), the Information Telecommunication (IT) and IT-enabled Services (ITeS) sector has recorded exports worth $763 million in the July-Nov period of the Fiscal Year 2020-21(FY21) which is up 39 percent from the same period of the Fiscal Year 2019-2020(FY20) when they were recorded as $549 million.

For just the month of November of FY21, the exports of the services mentioned above were worth $168 million whereas they were $111 million in the same month of FY20 showing an increase of 51 percent. The export of these services grew month-over-month (October to November) from $151 million to $168 million showing an increase of 11 percent. Pakistan also showed year-over-year growth of 20 percent from $1192 million in FY 19 to $1439 million in FY20.

As Shehryar Hydri has pointed out that if the government starts making better policies and provides apt support to this sector, the opportunities are endless. Pakistan’s IT sector is already expected to reach $10 billion in exports per year by 2030 but that will only happen if the current and upcoming governments take the right steps to promote this sector.

Image Source: RS-News