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Technology exports jump by a whopping 46% to $1.7bn

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May 25, 2021 (MLN): Technology exports during the first 10 months of the current fiscal year jumped by a whopping 46% to $1.70 billion from $1.17bn during the same period last year, latest data released by the State Bank of Pakistan (SBP) showed on Tuesday.

“Information technology sector continues to show handsome growth, up 46% in 10MFY21. Covid-19 has given a much-needed boost to the sector. Pakistan is now on the radar of more foreign customers, probably due to better availability during Covid-19 (lower cases in Pakistan). Need to capitalize on this,” said Head of Equity Research at Ismail Iqbal Securities Fahad Rauf in a tweet.

Meanwhile, in April, technology exports jumped 66% year-on-year and declined by 8% month-on-month to $196 million.

“During April 21, technology exports were up by 66% YoY to USD 196mn. During 10MFY21, technology recorded exports worth USD 1,708mn contributing 35% to the overall services’ export and marking a 46% YoY jump,” Arif Habib Ltd said in a note.

On a cumulative basis, 10MFY21 services exports increased by 4%YoY to $4.869bn compared to $4.699bn during the same period last year. Almost all of the growth was contributed by the technology exports as other subsectors within the services exports group witnessed declines.

Exports of transport services during the 10MFY21 declined by 24% to $223m from $324m during the same period last year; government goods and services tumbled 9% to $951m from $868m; travel services exports fell 4% to $426m whereas other services plummeted by 28% to $324m during the period under review.

Pakistan, with more than 60% of its population falling in the age bracket of 15-29 age group, has enormous potential for growth in the IT sector. The country currently has more than 2,000 IT companies & call centers; more than 300,000 speaking IT professionals; 13 software technology parks and produces around 20,000 IT graduates and engineers every year.

Currently, there are around 100 million broadband subscribers in Pakistan and as per the latest data shared by the Pakistan Telecommunications Authority (PTA), around 87% of the country population has access to internet/broadband services at one of the lowest rates in the region. The country is well-positioned to increase its technology exports in near future under the right policy guidelines.

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Posted on: 2021-05-25T17:46:00+05:00

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