Pakistan’s IT market is soaring, and it has made record earnings with IT exports this year.
According to the reports and sources, it says Pakistan earned $2,197.787 million by delivering and providing IT services in various countries during the first ten months of the fiscal year 2021-2022.
This shows the growth of 29.29pc as compared to $1,699.860 million that was earned through the provision of services during the fiscal year 2020-2021, as it was reported by the Pakistan Bureau of Statistics (PBS).
During the time period of July-April (2021-2022), the export of computer services started to grow by 30.77pc as it started to soar from $1,343.550 million last fiscal year to $1,756.957 million this year.
Furthermore, the software consultancy services also witnessed a pump of 48.43pc from $443.478 million to $658.239 million, while the exports of the hardware consultancy jumped from 337.32pc from $0.456 million to $.1996 million.
The exports and imports of computer-software related services shoot up from 41.42 per cent. It went from $331.730 million to $469.133 million, whereas the export of repairing and maintenance went to $1.249 million from $0.464 million.
Moreover, the exports of other computer services went up by 10.38 per cent. It was $567.422 million, and now it’s sitting at $626.340 million.
Exports of IT services during the period increased by 39.51 pc going from $3.240 million to $4.520 million. Among the information services, the exports of news agency services increased by 68.56 per cent, from $1.765 million to $2.975 million. Meanwhile, the exports of other information services were by 4.75 per cent, from $1.475 million to $1.545 million.
There are more sources and data which reveal the exports of telecommunication services witnessed a jump of 23.58 per cent as it went up from $353.070 million to $436.310 million during the year.
The IT Sector in Pakistan is one of the fastest growing sectors in Pakistan right now. It is contributing about 1% or more of the GDP of Pakistan at about 3.5 billion USD. It has been 2x in the past four years, and experts have expectations that it will grow a further 100% in the next two or four years to $7 billion.