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ICT exports grow by a staggering 43% in December 2020

Talha Ikram Written by Talha Ikram · 43 sec read>

According to the latest statistics issued by the State Bank of Pakistan (SBP), Pakistan’s ICT exports have grown more than 43 percent on a year-over-year (YoY) basis. The telecommunications, computer, and information services exports stood at a staggering $194 million in December 2020 as compared to just $135 million in December 2019.

The ICT exports for the first half (July-Dec) of the Fiscal Year 2020-21 (FY21) have also grown by more than 40 percent as compared to the same part of the Fiscal Year 2019-20 (FY20). The ICT exports in the first half of FY21 were $958 million. In the first half of FY20, they were only $684 million. The exports are also up 15 percent on a month-over-month (MoM) basis. They were $168 million in November 2020 as compared to $194 million in December 2020.

As highlighted by the advisor to the Prime Minister for Commerce and Investment, during the first half of FY21 the ICT exports of Pakistan constitute 33 percent of the total services exports of Pakistan. This is a sign of the shift towards a digital economy that the government is working hard for. The advisor was also optimistic that the total ICT exports of Pakistan will cross the $2 billion mark during the current fiscal year.