ICT export remittances of US$ 1.333 billion have been realized by the IT & ITeS Industry during the period July to December of FY2022-23

Despite persistent ease of doing business challenges, ICT export remittances of US$ 1.333 billion have been realized by the IT & ITeS Industry during the period July to December of FY2022-23, an increase of 2.38% in comparison to US$ 1.302 billion reported for the same period last year.
In the month of December 2022 ICT export remittances have decreased by 2% to US$ 246 million, when compared with ICT export remittances of US$ 251 million reported for the same period last year.
The trade surplus of US$ 1.166 billion (87.47% of total ICT export remittances) has been realized by the IT & ITeS Industry during the period July to December of FY2022-23 to meet the foreign currency crunch faced by the country, an increase of 19.96% as compared to a trade surplus of US$ 972 million for the same period in FY2021-22.
ICT sector exports of US$ 1.333 billion are the highest among all Services (37.8% of the total export of services) with ‘Other Business Services’ trailing at US$ 816 million. Overall, the Services sector incurred a trade deficit of US$ 357 Million from July to December of FY 2022-23.
Whereas, ICT services have delivered a phenomenal trade surplus of US$ 1.166 billion which is the highest among all Services with ‘Other Business Services’ trailing at US$ 201 million.
Overall, across goods & services, only the textile group has a higher trade surplus than the ICT sector amounting to US$ 6.663 billion for the period July to December of FY2022-23, an increase of 9.9% as compared to a trade surplus of US$ 6.063 billion for the same period in FY2021-22.
Total exports of the textile group from July to December of FY 2022-23 are US$ 9.028 billion, an increase of 1.76% as compared to exports of US$ 8.872 billion for the same period in FY2021-22.
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