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HomeBusinessIT exports fetch $1.3 billion in six months

IT exports fetch $1.3 billion in six months

The information technology (IT) exports registered a growth of 35.77 percent during the first six months (July-December) of the current financial year 2021-22. The ICT export remittances, including telecommunication, computer, and information services for the period July-December Financial Year (FY) 2021-22 have surged to $1.302 billion at a growth rate of 35.77% in comparison to the US $959 million during July-December FY 2020-21.

In December 2021, the ICT export remittances were $251 million at a growth rate of 28.72% when compared to $195 million reported for the month of December 2020 also, $30 million higher than export remittances during the previous month November 2021.

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The net exports for the period July-December FY 2021-22 are US$ 972 million which is 74.65% of US$ 1.302 billion in exports. Last year, for the same period the net exports were US$ 681 million which was 71.01% of US$ 959 million in exports. Among the computer services, the exports of software consultancy services witnessed an increase of 45.29 percent, from $253.522 million to US $368.334 million while the exports of hardware consultancy services also rose by 253.23 percent from $0.310 million to US $1.095 million.

The export and import of computer software related services also rose by 47.57 percent, from $184.108 million to $271.697 million whereas the exports of repair and maintenance services surged to $0.754 million from $0.273 million. In addition, the exports of other computer services increased by 24.24 percent going up from $215.037 million to US $391.400 million.

Meanwhile, the export of information services during the period under review increased by 46.63 percent by going up from $1.930 million to $2.830 million. It is pertinent to mention here that the exports of services from the country witnessed an increase of 20.24 percent during the first six months of current financial year (2021-22) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The exports of services during July- December (2021-22) were recorded at $3414.96 million against the exports of $2840.15 million in July- December (2020-21), showing growth of 20.24 percent. The imports also rose by 38.80 percent by growing from $3784.27 million last year to $5252.45 million during the period under review.

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