IT exports rise by 20pc in July 2021 compared to July 2020

ISLAMABAD: In July 2021, a 20 percent rise was experienced in IT exports as compared to the figure achieved in July of the previous financial year.

In July 2021, the total value of IT exports and IT-enabled services ranged around $196 million whereas in July 2020 the value was $163 million.

As for IT remittances growth, it declined from 40 per cent to 20 per cent. Compared to the previous month of June whereby the remittances rose to $210 million, July has seen a 6 per cent decline. IT sectors experts uphold that the IT export growth rate is bound to increase in the next quarter as incentives rise in the sector.

The incentives announced by the government include tax resolutions, profit repatriation, and cash rewards that facilitate overseas marketing, withholding tax withdrawals, specialized training programs, etc. The incentives have been long stressed upon by the IT sector exporters.

The exporters also emphasize expediting the implementation process of the incentives that have the potential to increase the IT exports from $200 million to $300 million per month. Consequently, boosting the total exports of the country to $3.5 billion by the end of this year.