Pakistan's It Exports To Reach $5 Billion In FY 2023

Pakistan's It Exports To Reach $5 Billion In FY 2023

 Pakistan's IT exports are booming. Over the years, Pakistan has seen a rise in IT exports. Some of the prominent exports include software products, hardware equipment and communication tools. According to the global import export data provider reports, Pakistan is ranked 104th biggest IT exporter in the world. Pakistan is the fastest growing IT exports market.

Despite overseeing many challenges, Pakistan's ICT sector has seen steady growth. Pakistan is the 4th leading freelance service provider besides India, United States and Bangladesh. Pakistan IT export market is estimated to be around $3 billion. 


As per Pakistan import export data reports, the country's total IT exports reach only $2 Billion dollars in 2022. Whereas, the latest Pakistan trends shows it recorded only $2.35 billion during the financial year 2023. That is way short of its target $5 billion IT exports for 2023.


The decline is basically due to the struggling economy, political uncertainty and lack of foreign payment gateways. Pakistan's current IT scenarios suggest only $2.6 Billion dollars by the end of this year. Pakistan's falling rupee against dollar has also impacted the country's exports earnings. It is creating volatility in exchange rates.


According to the Pakistan customs data, during the month of May, the highest increase of over 23% was recorded. In May 2023, Pakistan's IT exports crossed over $231 million in comparison to $190 million during April month. The top performing domains were computer and telecom services showing gain of 90%. Whereas, the software exports showed 14% rise. This gain mostly came due to the more number of working days. 


There are over 20,000 ICT companies in Pakistan exporting to over 100+ countries. Pakistan's IT exports had grown from $1.4 Billion in 2020 to over $2 Billion in 2022. Pakistan exports over 5000 ICT products annually. Pakistan's government is working very hard to raise the bars.


Although Pakistan is not able to reach their target of $5 Billion exports, the Government has started fixing the loopholes and set a new target of $10 Billion IT exports. They are escalating an increase to over $3.5 Billion by the end of this year. 


The government is now working on the need for Special forex accounts and creating more online banking platforms to support IT companies for purchase or selling of softwares and hardware equipment. Also, the government has plans to treat their IT aspirants with skill development programmes and providing placements.


The Pakistan government is about to launch 5G networks to provide better spectrum to its customs. In terms of the telecom sector, the Government is focusing on the manufacturing of more mobile phones, headsets and accessories of better quality and durability.


Pakistan’’s import export companies can take a data driven approach to make better decisions. Through Exim Global Trade Intelligence System, a market research tool, they can analyze demand, supply, price, financial risk, evaluate production and discover potential leads for their business.


Exim GTIS comes with the latest and historical Pakistan export data and Pakistan import data in which you desire information regarding Pakistan year wise exports, top markets and leading companies, competitor shipments, etc. This will help you plan effective marketing strategies and expand your business.

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