IT exports dip 12.4% to $265m

The latest data from the State Bank of Pakistan has revealed a 12.54% decline in Telecommunications, Computer, and Information Technology exports for January 2024 compared to the previous month. The figures, released on Monday, indicate a decrease from $303 million in December 2023 to $265 million in January 2024. However, on a year-on-year basis, there has been a notable increase of 39.47% in exports, with January 2023 recording exports worth $190 million. Despite this yearly growth, the month-on-month decrease points to challenges within the sector. Overall service exports also saw a decline on a month-on-month basis, dropping by 7.25% to $678 million in January 2024 from $731 million in December 2023. Similarly, on a year-on-year basis, there was a 1.45% decrease in exports. For the first seven months of the fiscal year 2023-24, the overall services export numbers stand at $678 million, reflecting a decline of 2.41% compared to the same period in the previous fiscal year.