IT exports surge by 24% YoY in FY22

By MG News | July 28, 2022 at 02:50 PM GMT+05:00

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July 28, 222 (MLN): ICT export remittances including telecommunication, computer, and information services have increased by 24% YoY to $2.6 billion in FY22, compared to $2bn in FY21, data revealed by the Central Bank showed on Wednesday.

In June 2022, the export of the same group surged to $235 million at a growth rate of 125% YoY compared to $210bn in June 2021 while on a sequential basis, the export volume swelled by 28% MoM.

Fahad Ruaf, Head of Research at Ismail Iqbal Securities said that the lockdown during COVID-19 opened up various avenues for Pakistan. Meanwhile, PKR depreciation also increased competitiveness.

“We need continuous growth in IT to diversify our exports mix which is heavily tilted towards textiles,” he suggested.

It is pertinent to mention that ICT exports had dropped by 27% MoM to $183mn in May 2022, the lowest monthly number since February 2021. The recorded decline was attributed to the increasing number of hours of load shedding faced by the ICT companies and individuals.

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