Pakistan’s IT sector exports hit historic High

Pakistan’s IT sector exports hit historic High

ISLAMABAD - The exports of IT and IT-related services increased to $1.090 billion in the financial year 2018-19 as compared to $1.065 billion recorded in the financial year 2017-18, showing a modest growth of 2.44%, according to data released by the State Bank of Pakistan.

This is the third consecutive record of the IT industry for attaining an all-time high. The country also achieved the highest value of IT remittances during the financial year 2018-19.

The value of IT exports is three times higher than the remittances reported by the central bank, which means the overall number crossed $3 billion in the financial year.

As for the sector’s composition, export revenues of 35% or nearly $355 million of the total 3,228 ICT exporting entities came from computer software, including software consultancy services.

Whereas the rest had either limited or no product orientation, as they generated revenues only from low value-added services (e.g. call centers), according to a study of SBP.