Pakistan’s information technology (IT) exports surged to $330 million in October 2024, reflecting a 39% year-on-year (YoY) and 13% month-on-month (MoM) increase, surpassing the 12-month average of $287 million.
This marks the 13th consecutive month of YoY growth since October 2023, according to official data.
Cumulatively, IT exports for the first four months of FY25 (July-October) reached $1.21 billion, showing a 35% YoY growth.
The increase is attributed to several factors, including expanded client bases globally, particularly in the GCC region, relaxation in the State Bank of Pakistan’s permissible retention limits for exporters, and exchange rate stability encouraging higher repatriation of profits.
In October, IT exporters benefited from more working days (23) compared to September (20), contributing to the monthly increase. Daily export proceeds stood at $14.3 million in October, compared to $14.6 million in September.
Pakistani IT companies remain proactive in engaging with global markets, with leading firms recently participating in events like Oslo Innovation Week 2024 and the Pak-US Tech Investment Conference.
According to a recent survey by the Pakistan Software Houses Association (P@SHA), 62% of IT companies maintain specialized foreign currency accounts.
A key development in FY25 was the State Bank of Pakistan introducing a new category, Equity Investment Abroad (EIA), enabling export-oriented IT companies to use up to 50% of their foreign currency account proceeds for acquiring stakes in foreign entities. This initiative is expected to further enhance exporters’ confidence in repatriating earnings to Pakistan.
Net IT exports (exports minus imports) in October hit a record $299 million, up 47% YoY and exceeding the 12-month average of $253 million.
Experts predict continued momentum in the sector, projecting IT exports to grow by 10-15%, reaching $3.5-$3.7 billion in FY25.
