ICT exports surged by 48 per cent in 11MFY21 fetching $1.9bn
The exports of telecommunications, computer and informative services witnessed a surge of 48 per cent during the first 11 months of this fiscal year, fetching a total of $1.908 billion compared to $1.29 billion in 11MFY20, as revealed by the latest figures shared by the State Bank of Pakistan.
As per the data, the export earnings from this sector stood at $200 million in May alone, compared to $196 million in April. It recorded a 66 per cent year-on-year growth from $118 million in April 2020.
In the first quarter from July to September of the current fiscal year, the ICT and telecom exports stood at $445 million, after which it witnessed a gradual increase in each quarter that came next. The export surged to $514 million during October-December and $553 million during January-March of current FY21.
On one side the rise in export figures can be linked to the full support that the commerce ministry pledged for the development and exports of ICT and telecom sector. While on the other, the covid-19 pandemic did play its part for its growth. The said sector played a key role in filling the communication gaps emerged due to the pandemic crises, which helped maximize its business.
Meanwhile, Commerce Adviser, Razak Dawood also said that the ICT and telecom exports now look set to breach the $2 billion mark for the first time in history.
Meanwhile, the size of imports in the ICT and telecom sector witnessed a small growth of 45 per cent during the first 11 months of FY21. The imports recorded during July-May FY21 were $493 million against $340 million recorded in the same period of last fiscal year.