• IT and ITeS export remittances in Pakistan declined by 0.6% in FY23.
• The IT and ITeS sectors export remittances in June 2023 remained unchanged at $236 million.
• The combined export remittances of IT and ITeS reached a record high of $2.619 billion in FY22.

Pakistan’s IT and ITeS export remittances saw a slight decline of approximately 0.6% in FY23, amounting to $2.605 billion compared to $2.619 billion in FY22.

Based on official data, the IT and ITeS sectors export remittances in June 2023 remained unchanged at $236 million compared to June 2022. Similarly, on a month-on-month basis, export remittances remained stable at $236 million in May 2023.

In FY22, the combined export remittances of IT and ITeS, which include telecommunication, computer, and information services, reached a record high of $2.619 billion, marking a significant growth rate of 47.43 percent compared to $2.108 billion in FY21.

The Ministry of Information Technology and Telecommunications had set a target of reaching $5 billion in IT exports by June 2023.

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However, the Ministry of Information Technology and Telecommunication had cautioned the government that if agreed incentives were not implemented, policies remained inconsistent, and issues related to taxes and banks were not resolved, the telecom sector’s exports and remittances could be affected, potentially undermining the country’s digital vision.