In the first half of FY23, the IT Sector posted a trade surplus of $1.17 billion



The Information Technology and Information Technology Services Industry of Pakistan realized a trade surplus of $1.17 billion (87.47 percent of total ICT export remittances) from July through December of the fiscal year 2022-23 (FY23). This represents an increase of 19.96 percent when compared to the trade surplus of $972 million that was realized during the same time period in FY22.


The official documents of the Ministry of Information Technology and Telecommunication (MoITT) stated that the information technology and information technology enabled services (IT & IT's) industry has delivered the highest trade surplus across products and services, second only to the textile sector.

The information technology and information technology services sector of Pakistan is currently selling its wares in more than 170 nations and territories. The United States of America is the most important market, accounting for 57 percent of the total export remittance revenues. Following the United States of America is the United Kingdom, the United Arab Emirates, Singapore, and Ireland, each contributing 5 percent (4 percent).


The Information Technology and Information Technology Enabled Services (IT's) sector is having a substantial impact on Pakistan's overall exports and earnings in foreign currency. During the time period under consideration, the IT & IT's Industry was responsible for the receipt of export remittances totaling $1.333 billion. This figure represents the highest share of any service sector at 37.8 percent of the total export of services and represents an increase of 2.4 percent in comparison to the $1.302 billion that was reported for the same time period the previous year.


IT and IT's exports have increased by 178 percent over the past five years at a compound annual growth rate (CAGR) of 30 percent. This is the highest growth rate in comparison to all other local industries in the services sector and is even higher than the textile industry, which is currently at 148 percent.

A comprehensive IT & IT's Export Enhancement Framework has been developed by the Pakistan Software Export Board (PSEB). This framework provides a roadmap of initiatives and programmer that are to be carried out on both the demand side and the supply side, which will enable the IT sector to reach annual export remittance receipts of $15 billion in five years.

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