IT Export Crosses $1 Billion Mark in 5 Months

Pakistan IT exports maintained its steady growth surging over to $1 billion in the five months of the current financial year, according to State Bank of Pakistan (SBP).

The exports of IT and IT-enabled services increased to $1.152 billion during July to November of the current financial year (FY24) from $1.088 billion during the same period of the last financial year FY23, showing a modest increment of $64 million or 5.8% year-on-year

The export receipts in November surged to $259 million as compared to October in which it stood at $238 million reflecting a month-o-month increase of 8.8%, the SBP’s data said.

Noman Ahmed Said commented that the growth in exports receipts of the outgoing month from its previous months reflected a positive sign for IT sector but it should accelerate its pace with quantum jump in export values in coming months.

The outcomes have yet to be come from the facility of 50% retention of forex account to IT exporters and freelancers, as the trust deficit will take a slightly more time to be narrowed in the sector.

The IT companies should focus on innovative services and non-traditional markets, including Middle East and Asia Pacific countries to enhance their exports manifolds, he added.

Muhammad Zohaib Khan, Chairman P@SHA said the commercial banks should introduce digital and faceless banking for facilitating IT exporters of the country, which will likely to increase the inflows of exports earnings of the sector.

He added the Special Investment Facilitation Council (SIFC) is actively working along with Ministry of Information Technology to establish high-level business relations with various states, mainly with the GCC regions for exploring big exports deals in the future.

Also, Pakistan Software Export Board (PSEB) and P@SHA are participating in various trade fairs for promoting local IT companies and their services to various companies and countries, as these combined these efforts will generate positive outcomes gradually to translate into the growth of export.

During the interim government, the Caretaker Minister for IT Dr Umair Saif set an annual export target of $10 billion in the next three years. Along with stakeholders, he designed a roadmap to achieve this benchmark with various continuation of facilitation to IT companies and freelancers, tech startups, and telecom sector.

Also Read: Game Changer: PSEB Enhances IT Export Framework in Pakistan