In the latest statistics issued by the State Bank of Pakistan (SBP), Pakistan exported Telecommunications, Computer, and Information (ICT) Services worth $444 million in the first quarter (Q1) of the Fiscal Year 2021 (FY21).
The export of ICT services was recorded at $151 million for October 2021 which is down 4.45 percent from September 2021 where the exports stood at $158 million. The export of ICT services for the first 4 months of FY21 (July-Oct) stood at $595 million which showed an increase of 35.8 percent from the same period last year. The exports were $438 million in the same period last year.
The total ICT exports increased 21 percent annually from $1.192 billion in FY19 to $1.439 billion in FY20. The export of telecommunication services increased by 23.9 percent from $25.2 million in October 2019 to $31.3 million in October 2020. The export of computer services grew from $97.5 million in October 2019 to $119.3 million in October 2020. However, computer services exports were $124.6 million in September 2020.
Pakistan has been continuously making more efforts to increase its IT and ICT exports, shifting towards a digital economy by promoting the Software industry through Software parks and incubators. The export statistics seem to reflect the efforts being put in but they are reducing again as the second wave of COVID-19 is hitting the country.
The Philippines has emerged as a fast-growing market for Pakistani exports