Pakistan’s IT Exports up 15% to $1.97 Billion in 8 Months of FY24

The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call centre services increased by around 14.9 percent during the first eight months (July-February) of the current fiscal year 2023-24 and stood at $1.977 billion compared to $1.720 billion during the same period of last fiscal year. The official data showed that ITeS exports’ remittances decreased by around 4 percent on a month-on-month (MoM) basis in February 2024 and stood at $257 million compared to $265 million in January 2024. On a Year-on-Year (YoY) basis, the sector export remittances increased by around 32 percent compared to $195 million in February 2023. The ICT export remittances, including telecommunication, computer, and information services, stood at $2.597 billion, a negative growth rate of around one percent in FY23 compared to $2.619 billion in FY22. The Ministry of Information Technology and Telecommunications has identified several constraints including inconsistency in policies, taxation issues and banking hurdles which are hampering the country’s information technology sector’s export potential of around $15 billion.