IT and Telecom services exports are reported to be highest in five months. They are delivering orders of numerous foreign clients.
ICT export remittances, including telecommunication, computer, and information services, for the period July-November FY2021-22 have surged to $1.051 billion at a growth rate of 37.57 percent compared to $764 million during July-November FY 2020-21.
In November 2021, the ICT export remittances were recorded at $221 million, fielding a growth rate of 31.55 percent as opposed to $168 million reported for the month of November 2020. Furthermore, $26 million higher than export remittances were reported during the previous month of October 2021.
The net exports for the period July-November FY2021-22 are $797 million, which is 75.83 percent of $1.051 billion in exports. Last year, for the same period, the net exports were $554 million, which was 72.51 percent of $764 million in exports.
During the period under review, exports through other Business Services accounted for $643 million. Local produce traded at international markets through Government Goods and Services reached $380 million, while Travel and Transport offered a cumulative $429 million under the same heading.
The growth in exports value of the sector is evident that the local and multinational IT companies are delivering a good number of orders to the foreign clients in different countries.
Measures of the government to support IT exports are reaping fruits. Leading IT exporters have planned to boost up the exports of the IT sector despite the challenges of ease of doing business, regulatory barriers, and the shortage of skilled human resources.