IT Exports continue to grow over 40% in FY21

ISLAMABAD: The Information Technology (IT) sector has shown exceptional growth throughout the current financial year, with a growth in exports recorded above 40%, between July 2020 and February 2021.

The State Bank of Pakistan (SBP) has informed that exports for IT and IT-enabled services had surged to $1.298 billion in the financial year 2020-21 in contrast with the numbers of last year that were recorded at $918 million. This demonstrates a year-on-year increase of 41.2%.

According to the officials, the reason for this growth is mainly the increased foreign demand for e-commerce, software development, automation and other services. Exports worth $2 billion for the IT sector are projected by the industry experts, keeping in mind the infiltration of the local companies in numerous exportable countries.

The development in the IT exports sector will fortify the industry and enable the sustenance of the current account in surplus and the creation of employment for hundreds of skilled professionals.

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