IT Exports at record level of $1.5 billion

April 25, 2021

624

Pakistan’s information technology sector has shown strong growth in recent months, surpassing $ 1.5 billion exports during Fiscal Year 2021. In the month of March alone, the industry broke another record, receiving the highest export proceeds in a month of $ 213 million according to data released by the State Bank of Pakistan.

Export revenue from IT and supported services reached $ 1.512 billion in the first nine months of the fiscal year 2020-2021, up from $ 1.053 billion, marking an increase of 43% YoY.

The robust growth in IT exports has been supported by software consulting, BPO, e-commerce, telecommunications services, and more, mainly due to the Covid-19 pandemic, which has increased the dependence of companies on technology.

Over the past year and a half, the pandemic has dealt a severe blow to competitors like India and ultimately brought the Pakistani IT companies in highlight. As a result, Pakistan’s leading software companies have received long-term projects from their clients in the US, UK, EU and Middle East export markets over the past year due to strong demand for IT services in these regions and around the world.

The country earned an average of $ 504 million in export revenue from IT and IT services each quarter. Keeping in view the existing pace, IT exports are likely to surpass $2 billion for Fiscal Year ending June-2021.