Due to tensions in the political arena this country might not be able to meet its goal of $3.5 billion in IT exports.
The Pakistani Information and Communications Technology (ICT) exports have increased dramatically during the fiscal year currently in session (2021-22). The value of IT exports is still at that $2-billion mark by FY22.
According to the most recent figures published from the State Bank of Pakistan, the sector saw a significant increase in the amount of money flowing into it, which totaled $1.94 billion between July and March of the current fiscal year 2021-22. This is an increase of 29.2 percent gain year-on-year.
Since the outbreak of Covid-19 Pakistani businesses as well as freelancers have been making a dent in the increasing demand worldwide for services related to technology due to remote working and e-learning agreements. In the past few years exports from ICT services have increased in nearly all fields that include software consulting, call centers and telecoms services.
Net exports linked to the IT sector alone, which excludes other services such as call centers, reached $1.47 billion in the initial nine months of the financial year, accounting for 75.56 percentage of total $1.94 billion worth of ICT exports.
Comparatively to FY21 in which IT-only net exports were down, net exports increased during this fiscal year. The net exports for FY22 totaled $1.12 billion, which accounted for 74.72 percent of $1.50 billion of export earnings.
With just a quarter of the financial year 2021-22 IT exports could surpass $2.5 billion at the end in the fiscal year. Due to the political turmoil within Pakistan, Pakistan may not be capable of achieving the amount of $3.5 billion, which was established by the previous administration.