Pakistan's ICT exports surge by 30% in two months

ISLAMABAD: Pakistan’s Information and Communication Technology (ICT) export remittances have surged by 30% to US$ 584 million during the first two months of Financial Year 2024-25 (July -Aug) in comparison to US$ 449 million reported during the corresponding period last year of FY 2023-24.

According to the Ministry of Information Technology and Telecommunication in August 2024, ICT services export remittances of US$ 298 million have been received, an increase of 26.8% in comparison to US$ 235 million in August 2023.

In comparison to the previous month (July 2024), ICT services export remittances increased by US$ 12 million to reach 298 million, an increase of 4%.

The trade surplus of US$ 509 million, the highest in all Services (87.15% of total ICT export remittances) has been realized by the IT & ITeS Industry during the first two months of FY 2024-25 (July-August 2024), an increase of 29.2% as compared to a trade surplus of US$ 394 million achieved during the last year (FY 2023-24).

ICT export remittances inflow is the highest among the Services Sector within Pakistan’s economy followed by “other business services” trailing at US$255m.