In May 2022, technology exports of Pakistan declined sharply by 27 percent month-on-month which is the lowest monthly level since February 2021. According to the State Bank of Pakistan (SBP), IT exports in May totaled for $183 million which stood at $249 million a month ago. The exports fell by 8 percent year-on-year.
Just IN:— Pakistan technology exports witness a sharp 27% decrease in May 2022, as compared to April 2022.
— South Asia Index (@SouthAsiaIndex) June 28, 2022
In May 2021, Pakistan exported $198 million worth of technology-related products and services. The technology sector recorded exports worth $2.4 billion in 11 months of this fiscal year, contributing 38 percent to overall services’ export and marking a 25 percent year-on-year jump.
The export performance of IT services firms has been positive, helping to improve foreign exchange earnings for the country. However, monthly fall in their export statistics in May is not a good sign for the country’s trade and current account deficits.
Read more: IT industry abandoned in the budget 2022-2023
Assumed reason behind fall in IT exports is the extended Eid holidays. Since the pandemic resulted in a rise in freelancing, the export performance of country’s technology products and services stayed higher.
However, despite the Prime Minister of Pakistan’s ambitious declarations to target USD 15 billion in IT and IT-enabled services exports, the released budget brings down the industry’s potential to meet this aim....
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