ISLAMABAD: Developing countries like Pakistan aim to increase exports while limiting imports to improve economic indicators and keep the country on the path of development.
Pakistan faces a high trade deficit, the gap between imports and exports. The efforts and priorities of various governments have been to reduce imports and increase exports.
To achieve this goal, heavy duties and taxes are imposed on imports. Meanwhile, the authorities offer incentives to promote exports.
As a result, Pakistan’s IT industry has been boosted in recent years. Pakistan’s IT exports have increased from $1.44 billion to more than $3.22 billion annually in five years.
Overall exports have increased by 10.5% in the last fiscal year, while exports in the form of IT alone have increased by more than 24% during the year 2023-24.
According to the records of the State Bank of Pakistan, the volume of Pakistan’s IT exports in the fiscal year 2019-20 was $1.44 billion, which increased to $2.10 billion in 2020-21, and $2.61 billion in 2021-22.
Similarly, IT exports remained at $2.59 billion in 2022-23 after a slight decline, while in the previous fiscal year 2023-24, a significant increase was seen in IT exports, which amounted to $3.22 billion.
According to the State Bank of Pakistan’s data, the IT sector exported services worth $1.86 billion during the first six months of the current fiscal year, 28% more than the previous fiscal year.
Last December, $340 million in services were exported, which is 12.2% more than in November, while it is 14.8% more than in December 2023. In November 2024, $310 million was exported, while in December 2023, $300 million in IT services were exported.
Also Read: Pakistan’s exports to North America grow 9pc
Experts attribute the increase in IT exports to the policies of the State Bank, and it is said that this trend of increase in IT exports will continue in the fiscal year 2025 as well.
According to estimates, the country’s IT exports during the current fiscal year will be $3.5 to $4.5 billion, an increase of 10 to 15 percent compared to the previous year.
