Pakistan’s IT exports 32pc up in five months of FY24-25
- By Web Desk -
- Dec 18, 2024
Pakistan’s Information Technology and IT-enabled Services posted a nearly 32 per cent increase in remittance exports.
Exports comprising computer services and call center services during the first five months (July-November) of the current fiscal year 2024-25 and stood at $1.530 billion as against $1.152 billion during the same period of the previous fiscal year.
According to official data, IT export remittances increased by nearly 25 per cent on a year-on-year basis in November 2024 and stood at $324 million as against $259 million in November 2023.
Read more: Pakistan’s exports to US up by 9.39% in four months
There was a decline of nearly 2 per cent as against $330 million in October 2024. IT export remittances reached a record high of $3.223 billion in FY2023-24, up 24% from $2.596 billion in 2022-23.
Amid an acknowledgement that a large portion of IT export earnings remains unsecured, the government has envisaged increasing the sector’s exports from $3.2 billion in FY2024 to $4.2 billion in FY2025.
Pakistan is home to 2.32 million freelancers – who contribute 15% to IT exports – yet only 38,000 have bank accounts. While 500 new accounts are being opened weekly, according to SBP data, retaining these account holders and encouraging others to follow suit is of utmost importance.