In August 2024, Pakistan’s IT exports hit an impressive $298 million. This is a 27% increase compared to the same month last year and a 4% rise from July 2024. Notably, this amount is above the average of $275 million that the country has seen over the past year.
According to Topline Securities, this remarkable growth in exports is mainly due to more global clients choosing Pakistani IT companies, especially in the Gulf Cooperation Council (GCC) region. As more businesses in this area seek IT services from Pakistan, the demand has increased, resulting in higher export numbers.
Additionally, a recent decision by the State Bank of Pakistan has helped boost these exports. The bank relaxed the rules on how much money exporters can keep in foreign currency accounts. They raised the limit from 35% to 50%, allowing IT exporters to hold more of their earnings in foreign currency.
This change means that IT exporters can now keep a larger share of their profits abroad. Combined with the stability of the Pakistani Rupee, this has encouraged many exporters to bring more of their earnings back to Pakistan. Overall, these factors are contributing to a strong growth trend in the country’s IT sector.
