Pakistan has recorded a whopping 47% increase in the country’s IT exports between July 2020 and May 2021.
According to the statistics provided by State Bank of Pakistan (SBP), Pakistan’s IT exports witnessed a 47% increase amounting to US$ 1.9 billion between an 11-month period.
SBP’s data shows that country’s IT exports increased 59% year-on-year to $200 million in May. The exports were US$ 126 million in May last year.
The notable surge in IT exports has been attributed to a significant increase in freelancing activities due to COVID-19 pandemic, resulting restrictions and layoffs.
Telecommunications, computer and information services are the primary components of increase IT exports.
Pakistan’s services exports amounted to US$ 5.3 billion in July-May fiscal year 2020-21 as compared to US$ 5 billion to that of the previous fiscal year.
The growth in country’s IT exports is primarily related to software- and hardware-related services in information and communication technology services.
It is to be noted that Pakistan is home to the third largest pool of freelancers in the world with country’s freelancers well-integrated into the global gig economy and providing services on various multinational platforms.
SBP has highlighted that COVID-19 significantly boosted the pace of digital transformation across the world with Pakistan being no different.
