Pakistan’s IT exports keep setting new records: Pakistan’s information technology (IT) exports soared by 41% year-on-year to reach a record $332 million in May. This marks a substantial increase from $236 million reported in the same period last year.
From July 2023 to May 2024 of the fiscal year 2023-24, ICT export remittances have totaled $2.925 billion, up from $2.371 billion during the same period the previous year, according to data.
Compared to April 2024, ICT services export remittances rose by $22 million in May 2024, reflecting a growth of 7.1%.
The IT and ITeS industry achieved a trade surplus of $2.571 billion from July 2023 to May 2024 of the fiscal year 2023-24, marking an increase of 22.31% compared to $2.102 billion in the same period last year. This surplus is the highest among all services, accounting for 87.9% of total ICT export remittances.
The ICT sector’s exports reached $2.925 billion, the highest among all services and constituting 41.02% of total service exports, with ‘Other Business Services’ following at $1.424 billion.
Minister of State for IT and Telecommunication, Shaza Fatima Khawaja, emphasized that the current government is dedicated to developing the IT sector. She praised the role of the Special Investment Facilitation Council (SIFC) and Pakistan Software Export Board (PSEB) in boosting IT exports. Shaza Fatima highlighted ongoing efforts under the Prime Minister’s directives to further increase IT exports, including allocating Rs. 20 billion for Digital Infrastructure Information projects in the current budget.
