INP-WealthPk
Pakistan’s ICT exports dip to $633m in Q1 of current fiscal
October 27, 2022
Pakistan’s exports the information and communication technology (ICT) decreased to $633 million during the first quarter of the current financial year.
According to a report released by the State Bank of Pakistan (SBP), ICT export remittances were recorded at $635 million during the first quarter of the previous financial year.
The instability of the Pakistan currency, disruptive conversion of information technology and information technology-enabled services export, income tax exemption policy to a taxation regime, lack of fast-track inward and outward remittances and import restrictions on ICT products are the major factors contributing to the slowdown in export remittances.
In September 2022, the ICT export remittances of $206 million have been reported, which is 95.814% of the $215 million received during the same month of the previous year.
The SBP has reported net ICT exports of $555 million, which shows an increase of 11.45% as compared to net exports of $498 million during the corresponding period in the previous fiscal.
Credit : Independent News Pakistan-WealthPk
