ICT exports jump 40pc in first half of FY21.

ISLAMABAD -- The export of telecommunication and information technology grew 40 per cent to $958 million in the first half-year of the current fiscal year from $684m over the corresponding period of last year, reflecting a higher boost in the post-Covid-19 period.

'The ICT exports will soon become a very important sector in Pakistan's total exports of services and I am optimistic that these would cross the $2 billion mark in the current financial year,' Commerce Adviser Abdul Razak Dawood said on Friday.

On a monthly basis, exports of ICT and telecommunication services grew by 43pc to $194m in December 2020 as compared to $135m in December 2019. 'ICT exports now constitute 33pc of our total export of services, which is an encouraging development', the adviser noted.

A consultative meeting was held at Ministry of Commerce to discuss Pakistan's global trade in services for the first half of the FY21.

The country's total export of services stood at $2.844bn in the first half of FY21 as compared to $2.835bn in the corresponding period last year. On the other hand, the import of services declined by 15.7pc year-on-year to $3.821bn.

The trade balance in services improved significantly as it decelerated 42pc to $977m during first half of FY21 as compared to $1.697bn in the same period last year.

Further data analysis shows that growth has been seen in financial services by 26pc followed by insurance and pension 21pc, and other business services (like consultancies) by 2pc. The meeting...