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Sunday, June 9, 2024

Pakistan’s IT industry makes record service exports

IT services exports could one day save Pakistan from current account deficit.

Throughout the eleven months of the fiscal year 2021–22, Pakistan made US $2,380.852m by offering various information technology (IT) services in different nations.

According to Pakistan Bureau of Statistics (PBS), this represents a gain of 25.45 percent over the US $1,897.820 million earned from the provision of services during the comparable period of fiscal year 2020–21.

The export of computer services increased by 27.76% from July to May of 2021–2022 from US $1,495.670 million to US $1,910.922 million.

Software consulting services saw a 43.42 percent increase in exports from US $498.917 million to US $715.539 million, while hardware consulting services saw a 363.64 percent growth from US $0.528 million to US $2.448 million.

While exports of repair and maintenance services increased to $1.435 million from $0.502 million, they also increased by 37.72 percent, from US $369.826 million to US $509.320 million. Additionally, the exports of other computer services rose by 8.99%, from US$ 625,897 million to US$ 625,897 million.

In the meantime, from US $3.470 million to US $4.940 million, the export of information technology services climbed by 42.36 percent over the period under consideration.

The exports of news agency services rose by 72.02 percent among information services, from US $ 1.880 million to US $3.234 million, while the exports of other information services rose by 7.30 percent, from US $1.590 million to US $1.706 million. The data showed that the export of telecommunication services increased by 16.63% from US $398.680 million to $464.990 million during the year under review.

According to PBS data, the export of call centre services, which increased from US $136.603 million to US $197.118 million during the period under review, increased by 44.30 percent, while the export of other telecommunication services increased by 2.21 percent, from US $262.077 million to US $267.872 million.