Pakistan’s export remittances for IT and IT-enabled services (ITeS) fell by 3% to $2.133 billion from $2.199 billion in the same period of the previous fiscal year.
In the first ten months of the current fiscal year 2022–23 (FY23), Pakistan’s export remittances for IT and IT-enabled services (ITeS) fell by 3% to $2.133 billion from $2.199 billion in the same period of the previous fiscal year.
According to the official data, the sector’s export remittances decreased by about 23 percent year over year (YoY) and were $191 million in April 2023 as opposed to $2,249 million in April 2022. The sector’s export remittances decreased by 15% month over month from $224 million in March 2023.
Information technology (IT) and IT-enabled services (ITeS) export remittances, which include telecommunication, computer, and information services, hit a record high of $2.618 billion in fiscal year 2022, up 47.43 percent from $2.108 billion in fiscal year 2021.
The $5 billion target for IT exports had been anticipated by the Ministry of Information Technology and Telecommunication to be reached by June 2023.
The government had also been forewarned, though, that the telecom sector’s export remittances might suffer in addition to jeopardising its digital vision due to the non-implementation of agreed incentives, lack of consistency in policies, and other factors.
Recent information regarding Pakistan’s information technology exports, which total over $5 billion but are only officially documented at $2.5 billion, was provided to the National Assembly Standing Committee on Information Technology and Telecommunication.
ITES is a range of activities that use information technology to boost an organization’s productivity. It is used in a variety of industries, such as manufacturing, healthcare, banking, insurance, telecommunications, and finance.
Call centre services, medical transcription, biotech research, insurance claims, payroll, and credit card processing are a few of the services offered.
Customer service, human resources, administration, web marketing, back-office data processing, and accounting are additional services. ITES is used in a variety of industries, such as manufacturing, healthcare, banking, insurance, telecommunications, and finance.