Pakistan’s IT exports surge 24% in FY24

July 19, 2024 (MLN): Telecommunications, Computer, and Information Services surged 24.2% YoY to record the highest-ever exports of $3.2 billion in the fiscal year 2023-24, data released by central bank showed.

That compares with the exports of $2.6bn last year and average yearly exports of $2.0bn in the past five years.

In June alone, IT exports stood at $298 million, a rise of 32.4% compared to June 2023.

Minister of State for IT and Telecommunication Shaza Fatima said that steps for increase in IT exports are underway, said a press release issued on Friday.

She said that this increase in IT exports is the direct result of Prime Minister Shabaz Sharif's vision,  his relentless efforts and the prioritiy given to the IT sector.

She said that IT exports are increasing owing to government's initiatives for ease of doing business.

Shaza Fatima said with the robust support from Special Investment Facilitation Council (SIFC), Ministry of IT, Pakistan Software Export Board, and IT industry are committed to boost country's IT exports.

The service sector of Pakistan posted a trade deficit of $2.3bn during FY24, a significant surge of 122.0% compared to last year.

ICT sector exports of $3.2bn were the highest among all Services (41.29% of total export of services) with 'Other Business Services' trailing at $1.55bn.

In June alone, the trade deficit in services was $415m, up 167.7% compared to a deficit of $155m a year earlier, and up 153.0% compared to a deficit of $164m a month earlier.

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