Despite Government Claims, IT Exports Fall in FY23

Web DeskJuly 19, 2023
Despite Government Claims, IT Exports Fall in FY23

Pakistan’s IT and IT-enabled Services (ITeS) export remittances fell by about 0.6 percent in fiscal year 2022-23 (FY23), totaling $2.605 billion, compared to $2.619 billion in FY21-22.

Year on year (YoY), the sector’s export remittances stood at $236 million in June 2023, the same as in June 2022, according to official data. Export remittances in the sector remained constant month on month, with exports of $236 million in May 2023.

Read more : Government Initiative to Sell Subsidized Roti Raises Concerns of Market Disruption

IT and ITeS export remittances, which include telecommunications, computer, and information services, achieved an all-time high of $2.619 billion in FY22, a 47.43 percent increase from $2.108 billion in FY21.

The Ministry of Information Technology and Telecommunications anticipated that the $5 billion objective for IT exports will be met by June 2023.

However, it had also warned the government that if agreed-upon incentives are not implemented, regulations are inconsistent, and tax and banking concerns are not resolved, the telecom sector’s exports and remittances may suffer, jeopardizing its digital goal.

 

 

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