Pakistan’s IT Export Revenue Increased by 15% to $1.97 Billion In the First 8 Months of FY24

During the initial eight months spanning from July to February of the fiscal year 2023-24, exports from Pakistan’s Information Technology and IT-enabled Services (ITeS) sector, encompassing computer and call center services, showcased a notable surge of 14.9 percent, hitting $1.977 billion.
This marked a significant increase from the $1.720 billion recorded during the corresponding period in the previous year.

Official data reveals a marginal decline of approximately 4 percent in ITeS export earnings on a month-to-month basis for February 2024, settling at $257 million, down from $265 million in January 2024.

However, in a year-on-year comparison, there was a substantial 32 percent surge in sector export earnings for February 2024, soaring from $195 million in February 2023.

The Ministry of Information Technology and Telecommunications has identified various challenges, including policy inconsistencies, taxation issues, and banking hurdles, which are badly effecting the growth potential of Pakistan’s IT sector. Despite these obstacles, the sector is estimated to have the capacity to generate exports of approximately $15 billion.

Export earnings within the broader ICT sector, which covers multiple fields including telecommunications, computer, and information services, experienced a slight dip of about one percent in the fiscal year 2023, totaling $2.597 billion compared to $2.619 billion the previous year.

Concluding, Rise in Pakistan’s IT Export revenue is a great step towards the stabilization of economy of Pakistan.

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