Pakistan's services exports grow 42% in 3 months

ISLAMABAD: Pakistan’s exports of services increased to $635 million in the first quarter of the ongoing fiscal year, Adviser to the Prime Minister on Investment and Commerce Abdul Razak Dawood said on Monday.

“I am pleased to announce that Pakistan’s IT & IT-enabled service in the Q1 of FY 2201-22, exports increased to $635 million from July to September compared to the exports value of the last year, which stood at $445 million, showing a increase of 42% YoY [year-on-year] growth,” he said in a Twitter statement.

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The PM’s aide congratulated all the stakeholders for their “efforts and dedication”.

“Also, by seeing how IT sector is growing, I am optimistic that we will cross the IT exports target for FY of 2021-22,” he said.

I congratulate all the stakeholders for their efforts and dedication. Also, by seeing how IT sector is growing, I am optimistic that we will cross the IT exports target for FY of 2021-22. @aliya_hamza @mincompk @PASHAORG #Pakistan #IT #exports #growth

— Abdul Razak Dawood (@razak_dawood) October 25, 2021

Earlier this month, Razak had announced a 27.4 per cent increase in exports during September while the country’s startups also raised a record US$305 million in the first nine months of 2021.

Read: Exports go up by 27pc in September, Startups raise US$305mn: Razak Dawood

Sharing both the developments on his Twitter handle, he said that they received provisional figures for export of goods and it has increased by 27.4 per cent in September 2021 to US$2.41 billion as compared to US$ 1.89 billion in the same month during 2020.