Pakistan Tech Exports Jump 51% in November 2020

[RiazHaq]

Pakistan Tech Exports Jump 51% in November 2020

News, analysis and opinions about India, Pakistan, US, Canada, Europe, Mid East, South Asia, Silicon Valley, High Technology, Economy, Politics, World

www.riazhaq.com

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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PakAlumni Social Network

Pakistan Tech Exports Jump 51% in November 2020

News, analysis and opinions about India, Pakistan, US, Canada, Europe, Mid East, South Asia, Silicon Valley, High Technology, Economy, Politics, World

www.riazhaq.com

 

[ZAMURD]

great

 

[Rank]

The freelance (foreign not local) income is non taxable in Pakistan. I know many juniors of mine have bought luxury cars worth 3-4M from their freelance services to the foreign clients. Mostly provides marketing, WP development and Graphics.

The earning through this channel is MASSIVE and not recorded neither registered in the state’s economy. Govt just earned extremely minimum amount of fee from the wire-transfer through bank to bank channels. Many freelancers not even transfer their earnings into Pakistan accounts. The conversion rate is worst. They leaves amount in their Skrill, Paypal etc accounts. Many freelancers doesn’t even know that their “freelance” earning is legally non-taxabe.

In the west, freelance earning is taxable.

 

[TheSnakeEatingMarkhur]

The freelance (foreign not local) income is non taxable in Pakistan. I know many juniors of mine have bought luxury cars worth 3-4M from their freelance services to the foreign clients. Mostly provides marketing, WP development and Graphics.

The earning through this channel is MASSIVE and not recorded neither registered in the state’s economy. Govt just earned extremely minimum amount of fee from the wire-transfer through bank to bank channels. Many freelancers not even transfer their earnings into Pakistan accounts. The conversion rate is worst. They leaves amount in their Skrill, Paypal etc accounts. Many freelancers doesn’t even know that their “freelance” earning is legally non-taxabe.

In the west, freelance earning is taxable.

Its exempted so is youtube and it was again exempted till 2025..

Its exempted so is youtube and it was again exempted till 2025..

It was exempted from 2016 to 2020 and now till 2025

 

[Chakar The Great]

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.

Golden words.

 

[Ali_Baba]

It suprises me that Pakistan does not get into IT a lot more than it has. It has a low barrier to entry, ie just a degree based around STEM.. you dont have to build 10' of billions of dollars of investment before it becomes productive..

 

[RiazHaq]

#Pakistan has emerged among the top 10 countries in the world showing the fastest growth in open-source #software development around the globe, revealed software development platform Github in its latest Octoverse 2020 report. #technology #Infotech https://www.techjuice.pk/pakistan-a...e-in-open-source-contributions-github-report/

It appears that the Pakistani developer community has been pretty active this year! According to a new report released by version control platform GitHub, Pakistan ranks among the top 10 countries around the world with the highest growth in open source project contributions since last year.

The past few days have been massive for Pakistani developers. For one, the country managed to bag the most top 50 finishes in one of the most prestigious speed coding competitions in the world. For another, Japan has made it clear that it will be sending more than 500 IT firms to Pakistan to recruit local talent. And now, GitHub’s “The 2020 State of the Octoverse ” report has revealed that the nation’s developers have been among the most active contributors to open-source projects on the platform.

Coming in at #6 in the report’s “Top countries and regions percentage growth in contributions since last year” rankings, Pakistan boasts an impressive 51.5% growth in open-source contributions since last year.

Nigeria takes the lead with a boost of 65.9% in open-source code contributions over the course of this year.


Pakistan’s surge in open-source contributions can largely be attributed to the COVID-19 pandemic and how it compelled more people to work remotely thereby increasing their activity on GitHub and online spaces in general.

Moreover, awareness with respect to open-source projects and their value to the community has definitely increased as well, courtesy of schemes like the GitHub Campus Program.

GitHub’s State of the Octoverse is an annual report that explores a whole year of GitHub highlights and provides insights into developer productivity, security, and how communities developed over the course of the year. According to this year’s report, more than 60 million repositories have been created and over 1.9 billion contributions have been added in total since last year.