Pakistan IT services export revenue rises to $800 million in Q3 of 2018/19

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Pakistan IT services export revenue rises to $800 million in Q3 of 2018/19
Pakistan IT services export revenue rises to $800 million in Q3 of 2018/19

So Pakistani Government is cashing in on any opportunity they can to raise their export revenue and in a new set of terms and events it has been revealed that the revenue generated from the supply of IT and IT-enabled services to foreigners has crossed the $800 million mark in the end of the third quarter of the financial year 2018-19, which has resulted in a small yet effective growth of 2.1 percent as compared to the same period of the previous financial year.As per the report of the State Bank of Pakistan (SBP), exports of IT and IT-enabled services increased to $808 million in the period of July to March of the financial year 2018-19 as compared with $791 million recorded last year. This growth shows a step in the right direction, as Pakistan is looking to get out of this economic crisis.

Software consultancy earned the highest revenue with a receipt of $258 million. Next came the software exports which raised about $208 million. Exports of telecommunication services are revealed to be $150 million. Computer services drew exports of $107 million and Call Centers earneda pretty reasonable $74 million during the nine-month period.In addition to things, the exports of IT and IT-enabled services are much lower-than-expected as many plans and counter tactics were set up in the previous year and in addition to that, the new government also has ambitious plans to promote this sector, yet the revenue generated was a little below par, still good though.

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Another reason as to why the growth in receipts of IT exports are considered to berelatively in-effective or negative is the fact that the Rupee depreciated against Dollar.As per statisticians, the Rupee depreciated by no less than 15 percent against Dollar during the period of July to March alone and If these numbers are calculated with depreciation’s impact, the negative growth stands nearly 13 percent, once again an alarming situation for the economy of Pakistan.In recent months, not only the government but the central bank also made special arrangements to improve facilitation to the freelancers of IT services and reporting of IT exports.

So far in the nine months of the current financial year, average export earning of around about $90 million was received by the country, and will most likely surpass the $100 million mark in the last three months of this financial year.

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