Information and Communications Technology exports up by 29 percent

According to the Ministry of Information Technology and Telecommunication the Information and Communications Technology (ICT) exports of Pakistan have increased by 29.26 percent to $1.948 billion.

The upward trend in the IT exports is a positive sign for the country’s trade and the current account deficit, as it’ll contribute to increasing foreign exchange earnings. The growth in the technology product and services exports has remained on a higher side since the pandemic period that induced a surge in freelancing activities.

Within ICT, the exports have increased across almost all segments, including software consultancy, call centres and telecom services during the period. In March, the technology exports stood at $259 million, compared with $209 million in the corresponding month of the last year. It witnessed a month-on-month (MoM) increase of 29 percent, while 24 percent year-on-year (YoY).

According to a study an estimated 70 million additional people have become digital consumers only in the Southeast Asia region after the beginning of the pandemic. The pandemic has also stimulated a drive to digitise a wide range of other services, including financial technology (fintech) and logistics companies. These initiatives are working towards creating solutions for everyday problems in the country.

Firms offering such digital solutions have become highly sought-after by global investors, and have managed to raise significant amounts of external financing. Investments are flowing into start-ups at varying stages of development, including those at the initial stages, and with established customer bases and revenues. The Ministry of Information Technology and Telecommunication has set a target of $3.5 billion for the current fiscal year