Pakistan’s IT Export Revenues Surge by 15% in FY24

Pakistan has witnessed a significant uptick in its Information Technology (IT) and IT-enabled Services (ITeS) exports, registering a 14.9% increase in the first eight months of the fiscal year 2023-24, with earnings reaching $1.977 billion up from $1.720 billion in the corresponding period of the previous year. 

 

Despite this growth, there was a slight dip of around 4% in month-on-month exports in February 2024, with revenues standing at $257 million compared to January’s $265 million. Year-on-year analysis for February also shows a robust 32% increase in sector remittances from the same month the previous year.

 

However, the broader Information and Communications Technology (ICT) sector experienced a slight downturn, with export remittances totaling $2.597 billion in FY23, marking a 1% decline from $2.619 billion in FY22. 

 

The Ministry of Information Technology and Telecommunications has pinpointed several challenges that are currently hindering the sector’s growth, including inconsistent policies, taxation issues, and banking obstacles, which, if addressed, could unlock the sector’s potential to reach around $15 billion in exports.