Pakistan’s IT Export Remittances Surge by 33.54% in Q1 of FY 2024-25

Pakistan’s information technology (IT) export remittances have seen a remarkable increase of 33.54%, reaching US$ 876 million during the first three months of the fiscal year 2024-25 (July to September). This is a significant rise from US$ 656 million reported in the same period last year (FY 2023-24).

Minister of State for IT and Telecommunication, Shaza Fatima Khawaja, announced on Monday that remittances from ICT services alone amounted to US$ 292 million in September 2024, marking a 41.7% increase compared to US$ 206 million in September 2023. She attributed the growth in IT exports to government initiatives aimed at enhancing the ease of doing business in Pakistan.

In line with directives from the Prime Minister and the support of the Special Investment Facilitation Council (SIFC), the Ministry of IT and Telecommunication, along with the Pakistan Software Export Board and the IT industry, is dedicated to boosting IT exports further.

Notably, the IT industry recorded a trade surplus of US$ 764 million, which accounts for 87.21% of the total ICT export remittances during the first quarter of FY 2024-25. This surplus reflects a 36.67% increase from US$ 559 million in the same timeframe last year.

In contrast, the overall services sector reported a trade deficit of US$ 699 million during this period. The US$ 656 million in ICT export remittances stands as the highest among all service sectors, with “other business services” trailing at US$ 374 million.

This robust performance highlights the growing significance of the ICT sector in Pakistan’s economic landscape, underscoring its potential as a key driver of economic growth and development.