The IT sector of Pakistan is flourishing for the past few years. No doubt, this sector contributes greatly to the economic growth of Pakistan. While more companies and startups are investing in this field, the outbreak of Covid-19 has further accelerated this trend which is mainly adopted by freelancers who lost their jobs and shifted to this means of earning while sitting at home. This scenario has contributed to the country’s GDP which was possible due to a surge in IT exports in 7 months.
Pakistan Earned US$1,119 mn from IT Exports in 7 Months- PSEB
PSEB has released the latest data, according to which Pakistan earned US$1119.220 million by rendering IT services to different countries during the financial period of seven months between 2020-21. It means Pakistan has witnessed 37.86 % growth as compared to US$811.845 million earned by providing the same services during FY 2019-20.
On further analyzing the data it revealed that the computer services grew by 42.21 percent, with a surge from US$625.105 million last year to US$888.980 million during July 2020 – January 2021. As far as computer services are concerned, software consultancy firms’ exports witnessed an increase of 25.10 percent, from US$238.030 million to US$297.775 million.
The exports of Hardware consultancy services decreased by 79.83 % from, US$1.750 million to US$0.353. The exports of repair and maintenance services also declined by 76.33 percent from US$1.263 million to US$0.299 million.
Other computer services exports increased by 93.28 percent from US$192.904 million to US$372.838 million. Among the telecommunication services, call center services’ exports increased by 15.33 %, while the exports of other telecommunication services increased by 27.38 percent.
No doubt, it’s a good jump for Pakistan and clearly shows that people throughout the world trust Pakistani talent. This increase in IT services exports gives us a message that Pakistan has too much potential.