IT sector has increased by 24 percent to $236 million. The Telecom sector grew by 92 percent and the computer services showed the progress of 11 percent Month-on-Month (MoM) basis. Under computer services, the exports of software, increased by 14 percent, Software services increased by 13 percent and the Software consultancy grew by 8 percent.
The overall the IT exports increased Year-on-Year (YoY)) basis by 28 percent which is the highest monthly export since the last month of 2022. If the export progress of IT during the period from July to May in the ongoing fiscal year is considered, it however came down by 1 percent as compared to the exports of this sector in the previous financial year.
In financial term, it come to $2.369 billion. Pakistan has been enjoying the Current Account Surplus for the third consecutive months, although the reasons are not highly encouraging including the strict control on imports of even some essential items such as craw material and spare parts, yet it is good for the country.
The economists are of the view that this surplus may not be long lasting. The growth in the exports of IT sector may be helpful in keeping the Current Account at a better place.
The increase on a Year-on-Year basis is partly due to the low base effect as in May 2022, the IT exports were worth 184 million. Moreover, the growth may be due to the interbank rates which was Rs.298.93 on May, 2023.
The increased IT export income is the amount which is remitted back to the country, earned by companies and freelancers and the not the amount, earned by the IT sector which is lying in other countries.