Monday, June 17, 2024

Pakistan Records Highest- Ever Monthly IT Exports of $310 Million in April

In April 2024, Pakistan achieved its highest-ever monthly IT exports, reaching $310 million. This impressive figure represents a 62% increase compared to the same month last year and a 1% rise from the previous high of $306 million recorded in March 2024. The IT exports in April also surpassed the 12-month average of $245 million, showcasing the sector’s robust growth.

A brokerage report attributed the significant year-over-year growth in IT exports to several key factors. Firstly, there has been notable expansion of IT export companies in the Gulf Cooperation Council (GCC) region, particularly in Saudi Arabia. This geographical diversification has helped boost export figures.

Secondly, the State Bank of Pakistan has eased the regulations on the permissible retention limit, increasing it from 35% to 50% for Exporters’ Specialized Foreign Currency Accounts. This policy change has provided IT exporters with greater financial flexibility.

Lastly, the stability of the Pakistani rupee has played a crucial role, encouraging IT exporters to bring a higher portion of their earnings back into the country.

For the first ten months of the fiscal year 2024, Pakistan’s IT exports reached a total of $2.59 billion. This is a significant 21% increase from the $2.14 billion recorded during the same period in the previous fiscal year. This steady rise underscores the growing strength and potential of Pakistan’s IT sector.

Additionally, net IT exports (calculated as exports minus imports) hit a record high of $283 million in April 2024. This figure marks a 68% year-over-year increase and exceeds the 12-month average of $214 million, further highlighting the sector’s positive trajectory.

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