Record IT Exports Hit All-Time High in Pakistan for March 2024

During the initial eight months (July-March) of the fiscal year 2023–24, IT exports remittances from IT and IT-enabled Services (ITeS), which include computer services and call center services, surged by approximately 17.37 percent. The total amount reached $2.283 billion, a notable increase from the $1.945 billion recorded during the corresponding period of the previous fiscal year.

According to official data, IT exports remittances from IT and IT-enabled services (ITeS) experienced a month-on-month (MoM) increase of approximately four percent in March 2024. These remittances amounted to $306 million, marking the highest-ever monthly exports in this sector. This figure surpassed the previous record of $303 million, which was achieved in December 2023.

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Compared to March 2023, the export remittances from the sector showed significant growth on a year-on-year (YoY) basis, increasing by approximately 36 percent to $306 million. However, the overall ICT export remittances, which include telecommunication, computer, and information services, witnessed a slight decline of around one percent in FY23. These remittances amounted to $2.597 billion, compared to $2.619 billion in FY22.

The Ministry of Information Technology and Telecommunications has pinpointed various constraints hindering the information technology sector’s export potential, estimated at around $15 billion. These hurdles include policy inconsistencies, taxation challenges, and banking obstacles, which collectively impede the sector’s growth and export opportunities.

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The IT and IT-enabled Services (ITeS) sector in Pakistan has demonstrated remarkable growth in export remittances during the initial eight months of the fiscal year 2023–24. There remain significant challenges to fully realizing its export potential. The Ministry of Information Technology and Telecommunications has identified several constraints, including policy inconsistencies, taxation challenges, and banking obstacles, that hinder the sector’s growth and export opportunities. Addressing these hurdles will be crucial to unlocking the sector’s estimated export potential of around $15 billion and fostering sustained growth in Pakistan’s information technology industry.