IT exports fall 23% in January 2023

Pakistan’s information technology (IT) exports for January 2023 decreased by 23% month-on-month (MoM), the lowest since May 2022, ARY News reported, quoting sources familiar with the development. 

IT exports for January 2023 stood at $190 million due to a gap between exchange rate markets, the sources said.

The exports in computer services dropped by 20% and telecom services registered deceased of 35 per cent in January 2023, the sources said.

Furthermore, exports of computer software and software consultancy dropped by 25% and 15% MoM respectively.

The slowdown in IT exports is mainly indicative of a global slowdown in IT spending. In its latest report, Gartner, Technology Research and Consulting firm has revised its growth forecast of IT spending to 2.4% in 2023 from an earlier 5.1%.

Read more: Textile exports fall 12% in January

Separately, Pakistan’s textile exports witnessed a decline of 12% year-on-year to $1.36 billion in January 2023.

On a year-on-year basis, textile exports stood at $1.55 billion in January of the previous fiscal year.

According to the Pakistan Bureau of Statistics (PBS) data, the exports of the textile industry dropped 8% from July to January. The textile exports remained $10.8 billion from July to January as compared to last year’s $10.93 billion.