ICT exports witness a surge of 48% in current FY21

According to the latest data released by the State Bank of Pakistan, telecommunications, computer, and information services export increased by 48% in the first 11 months of current fiscal year, totaling $1.908 billion compared to $1.29 billion in 11MFY20. On the other hand, on a month-on-month basis, the ICT sector saw a 2 percent increase in May 2021 from the preceding month of April, showing an uptick from $196 million to $200 million.

It is worth mentioning that the sector during the 11 months has already crossed the earnings of $1.44 billion made in the entire FY20, by $468 million.

Meanwhile, Commerce Adviser Razak Dawood stated that ICT and telecom exports are on track to surpass $2 billion for the first time ever. Meanwhile, during the first 11 months of FY21, the size of imports in the ICT and telecom industry increased by 45 percent. Imports were $493 million in July-May FY21, compared to $340 million in the same period last year.

According to Minister, the fair value of the Pakistani rupee against the US dollar, as well as a divergence in inflows through legal channels as a result of flight cancellations across the world, were major contributors to the rise in exports.

While the commerce ministry pledged its total cooperation for ICT and telecom development and exports, the Covid also contributed to the expansion. The industry was able to fill the communication gap created by the pandemic outbreak and maximize its business.