Compared to the first two months of the last fiscal year, the IT industry has seen a 10% overall increase in exports
While Pakistan’s economic conditions continue to be on a roller coaster, the IT industry shows signs of growth. According to reports, the IT exports of Pakistan in just the last two months were worth around $426 million.
This however isn’t the first time Pakistan’s IT industry has shown massive growth. Despite political and economic conditions, the industry has been on an upward trend. IT exports during the last year amounted to around $2615 Million, which was a 24% growth that broke all previous records.
While low setup costs and labor makes Pakistan a suitable place for IT services, the growth has been impeccable in the last few years and the industry seems to flourish. The $426 million dollars earned in the first two months of this fiscal year come from a variety of different services.
These IT services include software-related services, information services and telecommunication services.
Compared to the first two months of the last fiscal year, the industry has seen a 10% overall increase in exports. However, going into details, it was found that while software services saw a massive increase, the export of information and telecommunication services actually dropped.
Software services went up by 31.24 percent, from $ 73.552 million to $ 96.529 million, information services saw a decline and went down by 32.67 percent from $ 1.010 million to $ 0.680 million. Telecommunication services also noticed a decrease of 23.65 percent and went down from US$ 106.350 million to US$ 81.200 million.