IT exports up 29pc to $1.94bn

ISLAMABAD: Remit­tances from the IT exports, including telecommunication, computer and information services, during July to March FY22 surged by 29.26 per cent to $1.94 billion from $1.50bn during the same period of the previous fiscal year.

According to the Ministry of Information Technology and Tele­­communication’s data, in March 2022, IT export remittances reached $259 million at a growth rate of 23.92 per cent when compared to $209m repor­ted in March 2021.

The IT exports in the month of March were also $58m higher than remittances recei­ved in the month of February 2022 which were $201m.

During the nine months of the current fiscal year the net expo­rts related to the IT sector only, excluding other services such as call centres etc has been $1.47bn which accounts to 75.56pc of the total $1.94bn ICT exports.

The net IT-only exports went up in the current fiscal year compared to FY21. Last year, the net exports were $1.12bn which was 74.72pc of $1.50bn received in exports proceeds.

However, due to the recent political uncertainty, it is less likely that the country might ach­­i­eve the target of Rs3.5bn thr­o­ugh the IT export remittances.

After the figures were relea­sed, the federal minister for IT and Telecommunications, Syed Aminul Haq directed the Paki­stan Software Export Board (PSEB) to take an extra step to achieve the IT export target.

Meanwhile, the minister told Dawn it was vital to forward all segments related to information technology and connect the youth, especially students, to the digital world.

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