Pakistan’s IT exports show a 40% growth in July-Nov FY21

As per State Bank of Pakistan (SBP) latest statistics of exports of goods and services, The Information Technology and IT-Enabled Services (ITes) sectors adds $763 million exports in the July to November period of the Fiscal Year 2020-2021(FY21). It shows an increase of 40% from last year exports of the fiscal year for the same period of July-November 2019-2020 (FY20), which was $549 million.
Comparing November of Fiscal Year 2020-21 to the fiscal year of 2019-20 shows an increase of 51 per cent, that is a worth increase from $111 million to $168 million. In FY 21, November revenue also increases to $168 million from October, $151million, an increase of 11 per cent. Year on Year growth also shows an increase of 20 per cent.The work from home drastically increases IT companies’ revenue as they carry on their business activity by continuing work remotely.Mr Samiullah Tariq, Head of Research at Pak Kuwait Investment Company, mentioned that “This growth in IT exports will enable the quick realization of foreign currency proceeds, lead to massive generation of employment and good-paying jobs, enable individuals to work part-time which means home-based workers can benefit, and this may also be a good way of digitalizing economy and leading to a growth in the formal economy.”

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