Pakistan's technology export growth is continuing to accelerate with a 51% jump in November 2020 over the same month in 2019. The country's tech exports rose 39% in the first 5 months (July-Nov) of fiscal year 2021 over the same period last year. This came on top of a 21% increase in FY 2020 over FY 2019.
|Pakistan Technology Services Growth|
Pakistan exported $763 million worth of services related telecommunications, computers and information technology from July to November 2020 period. This represented a 39% increase from the same period in 2019. In November 2020, the country exported IT services amounting to $168 million, a 51% jump from tech exports November 2019.
|Pakistan Trade Data|
Currently, Pakistan relies heavily on three categories of products for exports which are often derided as 3 Cs: chadar (textiles), chamra (leather) and chawal (rice). Lately, the country has begun to diversify to higher-value added exports like technology services and pharmaceuticals.
Pakistan’s exports are growing in spite of the COVID19 pandemic, growing for the third consecutive month in November to $2.161 billion, up 7.67% from $2.007 billion in the corresponding month last year, according to data released by Pakistan Bureau of Statistics. Exports grew in home textiles (20%), pharma (20%), rice (14%), surgical goods (11%), stockings & socks (41%), jerseys & pullovers (21%), women’s garments (11%)and men’s garments (4.3%).
From July to November, exports slightly increased by 2.11% to $9.737 billion, from $9.536 billion over the corresponding months of 2019. In spite of rising exports, Pakistan still had a trade deficit of nearly $10 billion in the first 5 months of the current fiscal year. The country managed to show a current account surplus in 5 months, thanks to inflow of $11 billion in worker remittances, a 27% jump over last year.
Pakistan can not rely on remittances from overseas Pakistanis to avoid recurring balance of payments crises that have forced the country to seek IMF bailouts repeatedly. The best way to do it is by building an industrial base, developing foreign markets and ramping up exports, particularly exports of high-value products and services such as pharmaceuticals and technology.
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