Sunday, February 5, 2023

Pakistan Report-IT exports lowest since February 2021

In May 2022, it was thought that Pakistan would get $183 million from its exports of Information Technology (IT). These money transfers include services like phone, computer, and information services.

This figure is $8 million lower than the $198 million reported in May 2021. Also, the number of goods shipped out of the country in April was the lowest it has been since February 2021.

According to data released by the State Bank of Pakistan (SBP) on Tuesday. The Pakistan IT exports hit a new all-time high of $2.38 billion from July to May of the current fiscal year 2021-22. Compared to the total amount sent during the same time period in the previous fiscal year 2020-21. Which was $1.898 billion. This number shows a 26 percent increase.

On the other hand, exports in May 2022 were much lower than they were in April when they reached a total of $249 million. This was a drop of an incredible 26% from April to May.

Minister for Information Technology and Telecommunications Syed Amin-Ul-Haque has recently said that the rules of the Federal Board of Revenue and the State Bank of Pakistan (SBP) are making it hard for the country to export more information technology. And also The Minister for Information Technology and Telecommunications gave this information to the public.

Sources say that the IT Ministry has set an export goal of $5 billion for the next fiscal year. This goal depends on FBR and SBP addressing outstanding concerns. This goal is dependent on both the FBR and the SBP finishing up unfinished business. Taxes and incentives for independent contractors are the subjects of government concern.

Read more: The Government may partially remove the Mobile import ban

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