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HomeLatest NewsBusinessPakistan's ICT Export Grew 2.3% in the First Seven Months of FY23

Pakistan’s ICT Export Grew 2.3% in the First Seven Months of FY23

ICT export income in January 2023 rises 2.15 percent to $190 Million.

Information and communication technology ICT export remittances of $ 1.523 billion have been realized by the IT & ITeS Industry during July-January 2023 of the financial year (FY) 2022-23.

Depicting an increase of 2.35 percent in comparison to $ 1.488 billion reported in the same period last year.

This is despite ongoing difficulties with ease of doing business and an increase in the cost of doing business.

The IT & ITeS Industry generated a remarkable trade surplus of $ 1.344 billion (88.25 percent of all ICT export remittances) from July through January of FY23.

An increase of 20.32 percent when compared to a trade surplus of $1.117 billion for the same period in FY22.

The IT sector leads all other service sectors in exports with $1.523 billion (36.3 percent of the total export of services), followed by “Other Business Services” with $942 million.

In total, the services sector ran a $301 billion trade imbalance from July through January of FY23.

IT services, on the other hand, have produced an astounding trade surplus of $1.344 billion, the biggest of all services, with “Other Business Services” coming in second at $267 million.

With a trade surplus of $7.566 billion for the period of July to January FY23, representing an increase of 6.8% as compared to a trade surplus of $7.084 billion.

For the same period in FY22, only the textile group has a greater trade surplus overall than the ICT industry.

The textile group’s total exports from July 2022 to January 2023 of FY23 were $10.330 billion, up 0.16 percent from $10.314 billion for the same time in FY22.

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