Pakistan Tech Exports Soar 69% in February 2021

[Riaz Haq]

Pakistan's technology exports shot up by 69% in February 2021 from the same month last year. Tech exports soared 41% for the first 8 months (July 2020-February 2021) of the current fiscal year from the same period period last year, according data released by the State Bank of Pakistan. 

Pakistan Tech Exports Trend. Source: Arif Habib Securities

Technology services exports from Pakistan continued their momentum into February 2021, rocketing up 69% to $179 million, up from $106 million in February 2020. ICT exports for the first 8 months of the ongoing fiscal year 2020-2021 rose 41% to $1.3 billion, on track to reach or surpass the $2 billion mark this year. 

In addition to jump in tech services exports, Pakistan is also seeing double-digit growth in exports of engineering goods, up 19.74% for the first 8 months of the current fiscal year.  Export of electric fans posted over 15% growth and other electrical machinery 17.16%.

There is real hope for Pakistan to dramatically increase its higher value-added exports if the current trends in tech services and engineering goods can be sustained. Seizing the opportunity to attract export-oriented investors will help Pakistan become the next Asian Asian Tiger economy. It will help the country avoid recurring balance-of-payments crises that have forced the nation to seek IMF bailouts with all their tough conditions. Focusing on "Plug and Play" Special Economic Zones (SEZs) is going to be essential to achieve this objective.

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[Riaz Haq]

Pakistan’s IT exports boost by 37% YoY to $306mn in March 2024 - Profit by Pakistan Today



https://profit.pakistantoday.com.pk/2024/04/22/pakistans-it-exports...

Pakistan’s information technology exports increased by 37% year-on-year (YoY) and by 19% month-on-month (MoM) to $306 million in March 2024.

These are the highest-ever exports in a single month with the previous highest being $303 million in December 2023.

These monthly IT exports in March are also higher than the last 12-month average of $238 million.

According to Topline Pakistan Research, this yearly jump in IT exports is due to a relaxation in the permissible retention limit by the State Bank of Pakistan (SBP), increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, and a stable local currency which encouraged IT companies to repatriate their foreign income and deposit it in local accounts.

During the first nine months (July-March) of the ongoing fiscal year, IT exports clocked in at $2.28 billion, up by 17% YoY compared to $1.94 billion recorded in 9MFY23.

Net IT exports (exports-imports) also recorded an increase of 37% YoY and 20% MoM to $275 million in March 2024.

These net IT exports in March are also higher than the last 12-month average of $208 million.

In 9MFY24 net IT exports recorded a growth of 16% YoY to $1.99 billion.

In a recent interview, Finance Minister Muhammad Aurangzeb stated that IT exports are likely to reach $3.5 billion this year.


“Although there has been a growth in gross IT exports during 9MFY24, the government’s target appears challenging. We anticipate that gross IT exports for FY24 will likely fall around $3.0 billion compared to $2.6 billion recorded last year,” read the brokerage note.

[Riaz Haq]

Major tech show in Dubai offers Pakistan opportunity to increase IT exports manifolds — envoy


https://www.arabnews.com/node/2575249/pakistan

The annual GITEX Global exhibition is considered one of the world’s largest tech shows that connects industry leaders with major tech and innovation startups
Pakistan's ambassador encourages business leaders, IT professionals to visit the Pakistan pavilion, where 24 exhibitors are showcasing innovative technologies

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Pakistan showcases IT sector's potential at Tech Week Singapore 2024 - Technology - Dunya News


https://dunyanews.tv/en/Technology/843215-pakistan-showcases-it-sec...

(Web Desk) - Pakistan's vibrant technology sector took center stage at Tech Week Singapore 2024, as leading companies from the country presented their cutting-edge software and IT solutions.

High Commissioner Rabia Shafiq inaugurated the Pakistani Pavilion, commending the participants for their commitment to driving innovation and fostering international collaboration.

"Pakistan's IT exports have surpassed $3.2 billion, and events like Tech Week Singapore provide an excellent platform for our companies to showcase their expertise and capabilities to the world," said High Commissioner Shafiq.

"Our presence here demonstrates Pakistan's growing influence in the global technology landscape."

She said, "Pakistani IT companies have proven they are ready to compete globally, and we are excited to see them making an impact at Tech Week Singapore."

Pakistan's participation in Tech Week Singapore 2024 is a joint effort by the Pakistan Software Export Board (PSEB), Pakistan IT Industry Association (P@SHA), and the Trade Development Authority of Pakistan (TDAP).

These organizations collaborate to promote Pakistan's IT industry, catalyzing growth and boosting global competitiveness.

Tech Week Singapore brings together business leaders and visionaries across all technology verticals to learn, network, and shape their organizations' futures.

Tech Week is running from 9-10 Oct 2024. The participation of Pakistani companies in this prestigious event highlights their capability to develop advanced solutions and contribute to the global technology landscape.