Pakistan’s IT exports hit record $3.2 billion in FY24

WEB DESK: Telecommunications, computer, and information services in Pakistan saw a remarkable surge of 24.2 per cent year-on-year, achieving the highest-ever export figures of $3.2 billion in the fiscal year 2023-24, according to data released by the State Bank of Pakistan (SBP).

This significant increase compares favourably with the $2.6 billion recorded in the previous year and the average exports of $2.0 billion over the past five years.

In June alone, the country’s IT exports stood at $298 million, marking a substantial rise of 32.4 per cent compared to June 2023. This monthly performance underscores the growing demand for Pakistani IT services on the global stage.

However, despite this impressive growth in the IT sector, Pakistan’s service sector posted a trade deficit of $2.3 billion during FY24. This figure represents a significant increase of 122.0 per cent compared to the previous year, indicating rising imports and potentially other economic challenges.

In June, the trade deficit in services alone was $415 million, reflecting a sharp increase of 167.7 per cent compared to the $155 million deficit recorded a year earlier. Moreover, this figure also shows a 153.0 per cent rise from the $164 million deficit reported in the preceding month.

These contrasting trends highlight both the successes and challenges facing Pakistan’s economy, as the country continues to expand its IT export capabilities while grappling with a widening trade deficit in services.

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