IT Sector Exports Record New Growth of 43%

According to the latest report revealed by the Pakistan Bureau of Statistics (PBS), Pakistan earned $1.52 billion through different Information Technology (IT) services during the first three quarters of the financial year 2020-21. IT Sector Exports Record new growth of 43% in comparison to $1052.950 million earned through the provision of services during the corresponding period of the fiscal year 2019-20.

IT Sector Exports Record New Growth of 43%

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During this period, the computer services grew by 46.56 per cent as it surged from $812.040 million last year to $1190.110 million during July-March (2020-21).

Among the computer services, the exports of software consultancy services witnessed an increase of 25.11 per cent, from $314.418 million to $393.374 million. In comparison, the export and import of computer software-related services also rose by 24.69 per cent, from $236.501 million to $294.887 million.

Moreover, the export of information services also increased by 72.99 per cent by going up from $ 1.740 million to $3.010 million.

Pakistan’s IT exports grew by 58 per cent during March 2021 and will expectedly cross the $2 billion mark by the end of the current fiscal year for the first time, with the projection to reach $5 billion by 2023 and $10 billion by 2030. It needs to be noted that the growth levels have been consistent throughout the current fiscal year.

Source: TechJuice