Pakistan IT exports have turned out to be a game-changer for the country as they increased by 58% in March 2021, compared to the same time the previous year. According to the data released by the Pakistan Bureau of Statistics (PBS), Pakistan earned $1298.080 million by offering information technology services to foreign countries during the first eight months of FY 2020-21. It represents a 41.43 percent increase of the $917.840 million earned by IT services provided during the same timeframe of the FY 2019-20.
Pakistan IT Exports Reaches 1.5 Billion in March 2021
During the first nine months of 2020-21, technology commodities valued at $1.512 billion were exported, estimating 35% of total services exports and a 44% year-over-year increase. While the tech experts believe that this increase in exports is due to growing freelancing during Covid-19, the value of the Pakistani rupee against the US dollar and divergence in legal channels inflows due to flight cancellations throughout the world have also contributed to the increase in exports.
System Limited, one of the largest IT services and commodities providers were listed on Pakistan’s Stock Exchange for having all-time record annual sales of PKR 10 billion and a profit of PKR 2.1 billion.
The information service exports increased by 72.22 % from $ 1.440 million to $2.480 million, during the same period. The telecommunication services exports increased by 30.67 percent during the fiscal year 2020-21 rising from $208.300 million to $272.190 million.