IT exports hit record high of $303m in December 2023

January 18, 2024 (MLN): The Information and communication technology (ICT) export remittances have surged to an all-time high of $303 million, an astounding increase 22.67% YoY in comparison to $247m in December 2022, official data showed.

Efforts of Minister of IT & Telecommunication Dr. Umar Saif in close coordination with Special Investment Facilitation Council (SIFC) on improving ease of doing business environment is building IT Industry's confidence, resulting in an increase in IT & ITeS export remittance receipts, said a press release issued on Wednesday.

In comparison to previous month of November 2023, ICT services export remittances have increased by $44m in December, 2023, a month to month increase of 17%.

In the first half of the current fiscal year 2024, ICT exports have increased by $64 million or 9% YoY to $1.455 billion during the first half of FY24 in comparison to $1.34bn reported for the same period last year,

Trade surplus of $1.25bn, highest in all Services (85.98% of total ICT export remittances) has been realized by the IT & ITeS Industry during 1HFY24, an increase of 7.11% as compared to trade surplus of $1.17bn during the same period last year.

Whereas, the services sector has overall recorded trade deficit of $1.43bn during 1HFY24.

ICT sector exports of $1.46bn are the highest among all services (38.64% of total export of services) with 'Other Business Services' trailing at $785m.

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