Pakistan IT exports jump 10% in August
ISLAMABAD, PAKISTAN — Pakistan witnessed a 10% month-on-month (MoM) surge in its Information Technology (IT) exports in August 2023, reaching $235 million, according to data released by the Ministry of Information Technology and Telecommunication.
This significant growth was influenced by factors like an increased number of working days compared to July 2023.
A closer look reveals that telecom services rose by 12% MoM, while computer services experienced a 9% MoM growth. Within the computer services sector, both hardware and software consultancy exports marked noteworthy rises, with increments of 21% and 18% MoM respectively.
On a year-on-year basis, Pakistan’s IT exports were up 3% in August 2023 compared to August 2022. The $235 million figure also exceeds the 12-month trailing average of $218 million.
Federal Minister for IT and Telecommunication Umar Saif aims to boost the country’s IT exports from $2.62 billion currently to $10-20 billion.
This aligns with the vision of his predecessor Syed Aminul Haque who targeted $15 billion in IT exports.
Yet, persistent challenges like high taxes and foreign exchange hurdles, resulting in factory shutdowns, have impeded this envisioned growth.
However, high taxes, foreign exchange hurdles, and factory shutdowns have constrained growth so far.
IT experts emphasize the need for sustainable policies, reduced taxes, and significant investment to achieve the export targets.
