IT Exports Register 3% Increase in First Five Months of FY23

Very happy news from Pakistan’s IT sector is IT remittances are showing slit increments of about 3 % during the first phase of the current fiscal year (FY23) and stood at $1.087 billion compared to $1.051 billion during the same period of last fiscal year. As per details from official data of the State Bank of Pakistan (SBP), on a year-on-year (YoY) basis the sector’s export remittances increased by 5 %and stood at $233 million in November compared to $221 million in November 2021. MOM (month-on-month) also reveals that growth is 5% as compared to October 2022.

Syed Aminul Haque (Federal Minister of Information Technology and Telecommunication) said that the export in IT sectors target is $5 billion can 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 exports. 

Meanwhile, Ministry of Information technology also suggests to Government authority that on account of the non-implementation of agreed incentives, lack of consistency in policies, and with out resolving the tax and banks-related issues, the sectors’ export remittances may suffer.