Islamabad June 28 2022: TRG Pakistan, System Limited and Netsol revenues to suffer as Pakistan’s Information Technology (IT) exports fall to USD 183 million in May 2022 to a low of fifteen months, as per data published by State Bank of Pakistan (SBP).
IT exports decreased by 27 percent when compared to IT exports of USD 249 million in the previous month which was the third highest export number in the history of Pakistan.
Technology exports decreasing 8 percent year on year to USD 183 million in May 2022 whil IT exports surged 25 percent to USD 2.38 billion in the first eleven months of this fiscal year, mostly riding a massive stream of investment pouring into Pakistan’s technology sector.
Year on Year decline in Technology exports is witnessed after 33 months, last time YoY decline in Technology exports was witnessed during the month of August 2019.
Overall services exports increased by 9 percent YoY to US Dollar 514 million during May 2022, however, it went down by 20 percent on MoM basis. During 11MFY22, services exports increased by 18 percent to US Dollar 6,318 million.
