[KISS PR NEWS KARACHI CORRESPONDANT] - Covid-19, like the textile industry, turned out to be a game-changer for Pakistan's technology exports, which increased by 58 percent in March 2021 compared to the same time of the previous year.
During the first eight months of the fiscal year 2020-21, Pakistan gained $1298.080 million by offering various information technology (IT) solutions to foreign countries.
According to the Pakistan Bureau of Statistics (PBS), this revenue represents a 41.43 percent increase over the $917.840 million earned by service provision during the same timeframe of the financial year 2019-20.
Furthermore, technology commodities valued at $1.512 billion were exported in the first nine months of the financial year 2020-21, accounting for 35% of total services exports and a 44 percent year-over-year increase, according to the results.
Muhammad Ahmed, an Insight Securities analyst, said that the surge in exports is due to growing freelancing practices during the COVID-19 outbreak.
According to Ahmed, the market value of the Pakistani rupee against the US dollar, as well as a divergence in inflows across legal channels as a result of flight cancellations around the world, were major contributors to the increase in exports.
Computing services increased by 44.53 percent over the course of the study, rising from $708.100 million last year to $1023.410 million through July to February (2020-21). Computer consulting services saw a 25.07 percent growth in exports, from $272.922 million to $341.352 million, while computer software-related services saw a 17.69 percent rise in export and import, from $212.254 million to $249.803 million.
One of Pakistan's largest IT services and commodities providers, Systems Limited, also listed on the Pakistan Stock Exchange (PSX), recently announced an all-time record annual sales of PKR 10 billion and a profit of PKR 2.1 billion.
Hardware consulting services saw a 78.82 percent decrease in exports from $1.794 million to $0.380 million, while maintenance and repair facilities saw a 70.31 percent drop in export from $1.270 million to $0.377 million. Additionally, other information technology resource exports have increased by 96.26 percent, from $219.860 million to $431.498 million.
Besides that, information service exports rose by 72.22 percent, from $ 1.440 million to $2.480 million, during the period under study.
News department services exports grew by 81.03 percent, from $0.780 million to $1.412 million, while other information services exports rose by 61.82 percent, from $0.660 million to $1.068 million.
The data showed that telecommunication services exports also increased by 30.67 percent during the fiscal year under review, rising from $208.300 million to $272.190 million.
- IT exports soar 58% during March 2021 (tribune.com.pk)
- Pakistan earns $1298m from export of IT services - Daily Times
There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this PR should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation.
Published by: Book Club
Release ID: 17981