Pakistan’s IT Exports Cross $500 Million In First Half of FY 2019

In a new feat Pakistan’s IT industry in the first six months of the financial year 2018-2019, has made exports of over half a billion dollars. According to the statistics revealed by SBP (State Bank of Pakistan), the IT industry managed to export IT-enabled services worth $514 million.

This showed a significant increase of $20 million as compared to the export figures of the same financial period last year. However, the year on year increase of just 3.8% in the export value of IT industry is comparatively lower than expected. But, it is likely due to the depreciation of rupee against dollar. It is significant to mention that Pakistan’s IT industry previously increased benchmark of $1 billion dollars in the past financial year 2017-2018.

However, according to the estimates of PSEB (Pakistan Software Exports Board) and P@SHA (Pakistan Software Houses Association), in the same year, the exports grew to an all-time high of %3.3 billion. The exports of IT industry managed to maintain their growth this financial year as well, however, failed to achieve the export earnings that were projected earlier.

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SBP has worked thoroughly and dedicatedly to provide banking channels to freelance workers and software houses of IT industry. However, the implementation was weak and faced many problems. Due to this, it was not followed by IT exporters or exports of IT company, leaving the exports stagnant. Pakistan Software Exports Board (PSEB) has chalked down a plan with the previous PMLN government to expand IT exports to over $6 billion by the end of 2020 and $10 billion by the end of the year 2025.

However, considering the growth and figures at this point the set targets look highly ambitious and unrealistic. The incumbent PTI government is working on digitalisation of economy and improvement in the IT sector. To actualise the idea, they have also formed a competent taskforce having big names in the sector.

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