Global Rice News

Pakistan’s IT Services Earn $1.15 Billion in First 5 Months of Fiscal Year 2023-24

Pakistan has generated $1,151.956 million in revenue by providing information technology (IT) services to various countries during the first five months of the current fiscal year. This marks a growth of 5.89% compared to the same period last year, according to the Pakistan Bureau of Statistics (PBS).

The export of computer services has shown significant growth, increasing by 8.17% from $864.429 million in the previous year to $935.016 million during July-November 2023. Among these services, software consultancy services have seen a remarkable increase of 46.67% from $1.710 million to $2.508 million. Hardware consultancy services have also experienced growth, rising by 4.15% from $318.041 million to $331.231 million.

However, the export of repair and maintenance services has declined by 40.74% from $1.485 million to $0.880 million. The export and imports of computer software services have increased by 4.05% from $239.473 million to $249.179 million.

Meanwhile, information services have seen a decrease of 22.91% from $1.790 million to $1.380 million. However, the exports of information-related services have increased by 12.37% from $0.485 million to $0.545 million. On the other hand, the exports of news agency services have dropped by 36.02% from $1.305 million to $0.835 million.

The export of telecommunication services has experienced a slight dip of 2.77%, amounting to $215.560 million compared to $221.710 million. Call center services have shown growth in exports by 11.11%, increasing from $87.327 million to $97.026 million. Despite this, the export of other telecommunication services has decreased by 11.798% from $134.383 million to $118.534 million.

In addition to the IT services sector, rice exports from Pakistan have also seen significant growth. During the first half of the current financial year, exports of rice have increased by 76.53% compared to the same period last year. A total of 2.570 million metric tons of rice, valued at $1.638 billion, were exported. This is in comparison to 1.732 million metric tons, worth $927.918 million, exported during the same period last year.

Basmati rice exports have seen a growth of 30.03%, with over 318,224 metric tons worth $367.393 million being exported. This is in contrast to the exports of 286,577 metric tons, valued at $282.538 million, during the previous year. Furthermore, exports of other varieties of rice reached 2.252 million metric tons, amounting to $1.270 million. In comparison, 1.464 million metric tons worth $645.380 million were exported during the corresponding period last year.

Overall, the food group exports from Pakistan have grown by 49.84%, with food commodities valued at $3.481 billion being exported during the first two quarters of the current financial year. This is an increase from $2.323 billion in the same period of the previous year. Conversely, food group imports have decreased by 19.48% to $3.957 billion, compared to $4.914 billion last year.

The exports of fruits have grown by 9.31% and pulses by 79.01%, with 446,901 metric tons of fruits and 96 metric tons of pulses being exported. The exports of tobacco and spices have also seen an increase of 64.92% and 21.37% respectively.

It is worth noting that, during the period under review, exports have increased by 5.17% to $14.981 billion compared to $14.244 billion in the corresponding period of the previous year. Imports, on the other hand, have decreased by 16.28% to $26.129 billion from $31.209 billion last year.

Source: Nation.com.pk