Pakistan’s IT exports continue to break records

Pakistan’s information technology (IT) exports climbed 41 per cent year-on-year to a record $332 million in May, an astounding increase of 40.7% in comparison to US$ 236 million last year.

ICT export remittances have surged to US$ 2.925 billion during July 2023 to May 2024 of FY2023-24 in comparison to US$ 2.371 billion reported for the same period last year, the date showed.

It may be noted that in comparison to previous month of April 2024, ICT services export remittances have increased by US$ 22 million (7.1% growth) in May 2024.

Trade surplus of US$ 2.571 billion, highest in all Services (87.9% of total ICT export remittances) has been realized by the IT & ITeS Industry during July 2023 to May 2024 of FY2023-24, an increase of 22.31% as compared to trade surplus of US$ 2.102 billion during the same period last year.

ICT sector exports of US$ 2.925 billion are the highest among all Services (41.02% of total export of services) with ‘Other Business Services’ trailing at US$ 1.424 billion.

Minister of State for IT and Telecommunication Shaza Fatima Khawaja said that the present government is focused upon the development of IT sector.

She said the role of Special Investment Facilitation Council (SIFC) and Pakistan Software Export Board (PSEB) in the increase of IT exports is laudable. Shaza Fatima said on the directives of the Prime Minister of Pakistan robust steps are underway for increasing IT exports.

The minister further said that Rs. 20 billion has been allocated for Digital Infrastructure Information projects in the current budget.