Due to differences in exchange rates between markets, IT exports for January 2023 were only $190 million, according to the sources.
According to the sources, in January 2023, exports of computer services decreased by 20% and those of telecom services saw a 35% decline. Moreover, the exports of computer software and consulting services for software fell by 25% and 15% MoM, respectively.
The decline in IT exports is mostly a sign of a decline in global IT spending. Gartner, a technology research, and consulting firm have revised its growth forecast for IT spending from an earlier 5.1% to 2.4% in 2023 in its most recent report.
Separately, in January 2023, Pakistan’s textile exports fell by 12% annually to $1.36 billion. In January of the preceding fiscal year, textile exports were at $1.55 billion on an annual basis.
Data from the Pakistan Bureau of Statistics (PBS) show that the textile industry’s exports decreased by 8% between July and January. Comparing the $10.8 billion in textile exports from July to January to the $10.93 billion in the same period last year.