Pakistan’s information technology exports increased by 37% year-on-year (YoY) and by 19% month-on-month (MoM) to $306 million in March 2024.
These are the highest-ever exports in a single month with the previous highest being $303 million in December 2023.
These monthly IT exports in March are also higher than the last 12-month average of $238 million.
According to Topline Pakistan Research, this yearly jump in IT exports is due to a relaxation in the permissible retention limit by the State Bank of Pakistan (SBP), increasing it from 35% to 50% in the Exporters’ Specialized Foreign Currency Accounts, and a stable local currency which encouraged IT companies to repatriate their foreign income and deposit it in local accounts.
During the first nine months (July-March) of the ongoing fiscal year, IT exports clocked in at $2.28 billion, up by 17% YoY compared to $1.94 billion recorded in 9MFY23.
Net IT exports (exports-imports) also recorded an increase of 37% YoY and 20% MoM to $275 million in March 2024.
These net IT exports in March are also higher than the last 12-month average of $208 million.
In 9MFY24 net IT exports recorded a growth of 16% YoY to $1.99 billion.
In a recent interview, Finance Minister Muhammad Aurangzeb stated that IT exports are likely to reach $3.5 billion this year.
“Although there has been a growth in gross IT exports during 9MFY24, the government’s target appears challenging. We anticipate that gross IT exports for FY24 will likely fall around $3.0 billion compared to $2.6 billion recorded last year,” read the brokerage note.
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This news of Pakistan’s booming IT exports fills me with pride and excitement! A staggering 37% year-on-year increase is a testament to the talent and innovation driving the country’s tech industry forward. It’s incredible to see how relaxation in regulations and a stable local currency have empowered IT companies to thrive and contribute to the economy. With each milestone surpassed, from record-breaking monthly exports to impressive growth in net exports, there’s a sense of momentum and possibility. Let’s celebrate this success and continue supporting the growth of Pakistan’s IT sector!
What a remarkable achievement for Pakistan’s IT sector! The surge in exports, reaching the highest-ever recorded in a single month, is truly awe-inspiring. It’s a testament to the resilience and ingenuity of Pakistani tech professionals who are making their mark on the global stage. The government’s efforts in creating a conducive environment, coupled with the hard work of IT companies, have paved the way for this phenomenal growth. As we look ahead, Finance Minister Muhammad Aurangzeb’s optimism about reaching $3.5 billion in IT exports this year fills us with hope and anticipation. Let’s continue supporting and nurturing the talent driving Pakistan’s tech revolution!
Reading about Pakistan’s record-breaking IT exports is nothing short of uplifting! A 37% year-on-year increase reflects not just economic growth but also the sheer determination and creativity of Pakistan’s tech community. The policies put in place to facilitate these exports have clearly paid off, enabling IT companies to flourish and contribute to the nation’s prosperity. Finance Minister Muhammad Aurangzeb’s ambitious target of $3.5 billion in IT exports is a testament to the sector’s potential and the bright future ahead. Let’s cheer on our tech pioneers and celebrate this remarkable achievement that showcases Pakistan’s strength in the digital arena!
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