The IT export remittances declined by 0.3 percent during the first quarter of the current fiscal year 2022-23 and remained at $633 million compared to $635 million during the same period of the last fiscal year. The State Bank of Pakistan (SBP) data shows that IT exports remittances declined by around 10 percent on a month-on-month (MoM) basis in September 2022 and remained at $206 million compared to $228 million in August 2022.
On a year-on-year (YoY) basis, the sector exports remittances decreased by around 5 percent compared to $215 million in September 2021. ICT export remittances, including telecommunication, computer, and information services, reached an all-time high of $2.616 billion, a growth rate of 47.43 percent in the fiscal year 2021-22 compared to $2.108 billion in the fiscal year 2020-21.
Federal Minister of Information Technology and Telecommunication Syed Aminul Haque has stated in the past that the IT exports target of $5 billion would be achieved by June 2023. He further said that the government is taking all possible steps to ensure a long-term IT industry growth trajectory and enhance IT industry exports to $5 billion by 2023.
The spokesperson of the ministry stated that more than 6,000 Pakistan-based IT companies were providing IT products and services to entities in over 100 countries. Strong incentives are being provided to the IT industry, and there are several projects intended to facilitate and assist the IT industry in its growth trajectory and...
Read Full Story: https://www.techjuice.pk/it-export-reduces-by-10-in-pakistan-exported-206m-in-september/
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