pakistan records $1,151 million in 5-month IT service exports
Published on: January 28, 2024.
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Pakistan’s IT Services Sector Shows Growth in Exports
According to the Pakistan Bureau of Statistics (PBS), Pakistan earned $1,151.956 million from the export of information technology (IT) services during the first five months of the current fiscal year 2023-24. This represents a growth of 5.89% compared to the same period last year.
Export Growth in Computer Services
The export of computer services witnessed a significant increase of 8.17%, reaching $935.016 million from July to November 2023, compared to $864.429 million during the corresponding months of the previous fiscal year. Within this category, software consultancy services experienced a growth of 46.67%, while hardware consultancy services increased by 4.15%. However, the export of repair and maintenance services declined by 40.74%, and computer software services increased by 4.05%.
Information Services Exports Show a Decrease
On the other hand, the export of information services saw a decline of 22.91% during the same period, decreasing from $1.790 million to $1.380 million. While the exports of information-related services increased by 12.37%, the exports of news agency services decreased by 36.02%. Similarly, telecommunication services exports decreased by 2.77%, with a decline in call center services exports by 11.11% and other telecommunication services exports by 11.798%.
Rice Exports Grow Significantly
In addition to the growth in the IT services sector, Pakistan also experienced a significant increase in rice exports during the first half of the current financial year. The exports of rice grew by 76.53%, reaching a total of 2.570 million metric tons valued at $1.638 billion. This is compared to the exports of 1.732 million metric tons worth $927.918 million during the same period of the previous year. Basmati rice exports also saw a growth of 30.03%, while other varieties of rice exports increased by 53.94%.
Growth in the Food Group Exports
The overall food group exports from Pakistan grew by 49.84% compared to the corresponding period of the previous year. Food commodities valued at $3.481 billion were exported, a significant increase from $2.323 billion during the same period last year. The exports of fruits increased by 9.31%, pulses saw a growth of 79.01%, tobacco exports increased by 64.92%, and spices by 21.37%.
Conclusion
The export growth in Pakistan’s IT services sector and the significant increase in rice and food group exports are positive indicators for the country’s economy. These developments highlight the potential of the IT industry and the agriculture sector in contributing to Pakistan’s overall export growth. Efforts should be made to further promote and strengthen these sectors to ensure sustained growth in the future.
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