ICT Exports increase by 22.67% in December. The ICT export remittances have increased by US$ 64 million (8.99%) to US$ 1.455 billion during July to December 2023 of FY2023-24. It is in comparison to US$ 1.335 billion reported for the same period last year.

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. It is resulting in an increase in IT & ITeS export remittance receipts.

In the month of December, 2023 ICT services export remittances surged to US$ 303 million. It is an astounding increase 22.67% in comparison to US$ 247 million in December 2022. In comparison to previous month of November 2023, ICT services export remittances have increased by US$ 44 million in December, 2023. It is a month to month increase of 16.99% . Moreover, a trade surplus of US$ 1.251 billion, highest in all Services (85.98% of total ICT export remittances) has been realized by the IT & ITeS Industry during July to December 2023 of FY2023-24. It is an increase of 7.11% as compared to trade surplus of US$ 1.168 billion during the same period last year.

Whereas, the Services sector has overall recorded trade deficit of US$ 1.43 billion during July-December 2023 of FY2023-24. On the other hand, the ICT sector exports of US$ 1.455 billion are the highest among all Services (38.64% of total export of services). The ‘Other Business Services’ are trailing at US$ 785 million.

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Pakistan’s IT sector has the most potential with its huge bulge of youth, limited other economic opportunities and increasing digital skills. Several governments have put efforts to increase the ICT exports of the country. However, there is serious issue of consistent policies for implementing the long term export oriented ICT agenda.

The caretaker government in Pakistan came up with multiple initiatives. The ICT related initiatives are also a benchmark for increasing Pakistan’s exports. However, the mandate of caretaker government ends in February 2024. Thus, the response from the next government will ascertain the future of ICT sector in Pakistan.