IT Exports Decline in FY23 Despite Tall Claims by Govt

In the fiscal year 2022–23 (FY23), Pakistan's export remittances for IT and IT-enabled services (ITeS) fell by almost 0.6 percent to $2.605 billion from $2.619 billion in the previous fiscal year 2021–22.

The sector's export remittances, measured on a year-over-year (YoY) basis, were $236 million in June 2023, the same amount as in June 2022, according to the official figures. In comparison to exports of $236 million in May 2023, the sector's export remittances likewise remained steady month over month.

IT and ITeS export remittances, which include telecommunication, computer, and information services, hit a record high of $2.619 billion in FY22 compared to $2.108 billion in FY21, up by 47.43 percent.

compared to $2.108 billion in FY21, in FY22.

The $5 billion objective for IT exports had been anticipated by the Ministry of Information Technology and Telecommunication to be reached by June 2023.

The government had also been forewarned, nevertheless, that the telecom sector's export remittances might suffer in addition to jeopardizing its digital vision due to the non-implementation of agreed incentives, lack of uniformity in policies, and other factors.