Pakistan’s IT exports reach $1.02b in first four months current FY

KARACHI: Pakistan’s information technology (IT) exports surged to $1.02 billion in the first four months of the current fiscal year (FY).

According to the State Bank of Pakistan (SBP), IT exports amounted to $330 million, marking a rise of 13 per cent compared to September.

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Over the past year, the sector averaged approximately $290 million in monthly exports, showing a consistent upward trend in global demand  for Pakistan IT services.

Industry analysts attribute the growth to favourable policies enacted by the State Bank, which facilitated easier access to the foreign currency for IT firms and streamlined payment processes.

The measures have enabled many companies to expand their operations  and attract a wider array of international clients.

The rise in exports coincided with an increase in the number of global clients engaging with Pakistani IT companies. The firms are increasingly providing services such as software development, IT consulting, and digital solutions to a diverse range of international customers.

The expansion not only boosts revenue but also improves the global standing of  Pakistan’s IT sector.

Pakistan’s IT industry is recognised for its potential to significantly impact the national economy. With mostly youth employed in the sector, the country boasts a growing pool of skilled IT professionals.  

The global shift towards digitisation was accelerated by the Covid-19 pandemic. It has since opened new avenues for IT service providers.

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Businesses worldwide are seeking innovative solutions to navigate changing market dynamics and this is where Pakistan’s IT sector are positioning themselves as competitive players.

Projections suggest that the positive momentum is likely to continue into the fiscal year 2025, driven by ongoing investments in technology, infrastructure and workforce development.