Pakistan’s IT exports rose 41 percent year-on-year to reach a record high of $332 million in May, a staggering increase of 40.7 percent compared to $236 million last year.
The history showed that ICT export remittances rose to US$2.925 billion during the period from July 2023 to May 2024 of the fiscal year 2023-2024 compared to US$2.371 billion recorded in the same period last year.
It should be noted that compared to the previous month of April 2024, ICT services export remittances increased by US$22 million (7.1% growth) in May 2024.
A trade surplus of US$2.571 billion, the highest among all services (87.9% of total ICT export remittances) was achieved by the IT and IT services industry during the period July 2023 to May 2024 of FY 2023-2024, increasing Of 22.31% compared to trade. A surplus of $2.102 billion during the same period last year
ICT sector exports at US$2.925 billion are the highest among all services (41.02% of total services exports) followed by “other business services” at US$1.424 billion.
Minister of State for Information and Communications Technology Shatha Fatima Khawaja said that the current government is focusing on developing the information technology sector.
She said that the role of Private Investment Facilitation Council (SIFC) and Pakistan Software Export Board (PSEB) in increasing IT exports is commendable. Shatha Fatima said, on the directives of the Prime Minister of Pakistan, strong steps are underway to increase IT exports.
The Minister further said that Rs. $20 billion has been allocated for digital infrastructure information projects in the current budget.