The IT & ITeS Industry of Pakistan generated a trade surplus of $1.17 billion (87.47 percent of the total ICT export remittances) from July to December of the fiscal year 2022–23 (FY23), an increase of 19.96 percent compared to a trade surplus of $972 million for the same time in FY22.
The Ministry of Information Technology and Telecommunication (MoITT) released official data that showed the IT & ITeS sector had produced the second-highest trade surplus in both commodities and services, after the textile industry, and the largest trade surplus across services.
The IT & ITeS sector in Pakistan exports its services to more than 170 nations and territories.
Pakistan’s IT Exports Around The Globe
The United States, which accounts for 57% of export remittance receipts, is the largest market, followed by the United Kingdom (8%) the United Arab Emirates (7%) Singapore (5%), and Ireland (4%).
The IT & IT-enabled Services (ITeS) industry in Pakistan contributes significantly to exports and earnings from foreign currencies.
The IT & ITeS industry recorded export remittances of $1.333 billion during the reviewed period, the highest of all service sectors at 37.8% of total service exports and a rise of 2.4 percent over the $1.302 billion reported for the same time in the previous year.
The IT & ITeS sector has had growth of 178 percent over the past five years at a compound annual growth rate (CAGR) of 30 percent, the greatest growth rate among all other local service industries and even greater than the textile industry, which has experienced growth of 148 percent.
In order to help the IT sector reach annual export remittance receipts of $15 billion in five years, the Pakistan Software Export Board (PSEB) has created a comprehensive IT & ITeS Export Enhancement Framework, which provides a roadmap of initiatives and programs to be carried out on both the demand side and supply side.
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