IT exports down by around 27% MoM in May 22

MG News | June 29, 2022 at 11:43 AM GMT+05:00

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June 28, 2022 (MLN): ICT export remittances including telecommunication, computer and information services have dropped by 27% MoM to $183 million in May 2022, the lowest monthly number since February 2021, data revealed by the Central Bank showed.

The recorded decline may be attributed to the increasing number of hours of loadshedding faced by the ICT companies and individuals.

Cumulatively, the export of the same group surged to $2.38 billion in 11MFY22 at a growth rate of 25.45% YoY compared to $1.89bn in FY21.

The net exports for the said period stood at $1.81bn which is 75.98% of $2.38bn in ICT exports. Last year, for the same period, the net exports were $1.425bn which was 75.08% of $1.89bn in ICT exports.

Federal Minister of IT and Telecommunication, Syed Amin ul Haq said, “On the direction of the Prime Minister, steps are being taken to take ICT exports to a record level.”

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