The Highest Trade Surplus Contribution Made by IT Sector During FY23

During the fiscal year 2022-23 (FY23), from the period of July to December, the IT and ITeS industry realized a trade surplus of $1.17 billion which is 87.47% of the total ICT export remittances. There is a reported increase of 19,96% in the trade surplus as compared to that of FY22 which was about $972 million.

It was reported by the official documentation of the Ministry of Information Technology and Telecommunication (MoITT), that the IT and ITeS sector has contributed the largest trade surplus across services and the second largest contributions after the textile sector in the domain of goods and services.

Pakistan’s exports and foreign exchange earnings are benign and extensively contributed by the IT and IT-enabled services (ITeS) sector. The IT and ITeS sector has made the highest g contribution to the export remittances of about $1.333 billion, as realized during the period under observation.

A comprehensive IT and ITeS Export Enhancement Framework has been developed by the Pakistan Software Export Board (PSEB). It is developed with the vision of improving the IT and ITeS sector by providing a key map for every necessary initiative to be taken and a program to be started on the supply and demand side.