Pakistan’s Information Technology (IT) sector continues its impressive growth trajectory, reaching a milestone with an inflow of $310 million, setting a record as the highest export figure in a month, surpassing $306 million in March 2024.
The State Bank of Pakistan (SBP) reported a significant increase of 62 percent year-on-year and a 1 percent increase in exports from the previous month, indicating that IT exports in April 2024 exceeded the last 12-month average of $245 million. .
Factors contributing to this growth include the relaxation of withholding limits by the SBP and the stability of the Pakistani rupee, encouraging IT exporters to recover revenue.
Umair Nizam Chamber of Commerce and Industry (FPCCI) predicts steady growth in the coming months due to stakeholder support and potential investment flows through partnerships.
The IT sector has reached a record high of $2.59 billion in the first 10 months of the fiscal year 2023-24, an increase of 21 percent compared to the previous year. Tufail Ahmed Khan, President of Pakistan Freelancers Association (PAFLA), highlighted the contribution of freelancers to export growth through remote work and participation in freelancing platforms.
Hexalyze CEO Syed Saad Shah highlighted the untapped potential of Pakistan’s IT exports, especially in Europe, as demand for services from Pakistani firms continues to grow, the Express Tribune reported.
Shah appreciates the government’s role in the development of the sector, but said the FY24 target of $3.5-3.6 billion is unlikely to be met, with IT exports expected to close at $3.1-3.2 billion.
Meanwhile, SBP data shows a record high of $283 million net IT exports (exports excluding imports) in April 2024, an increase of 68 percent compared to last year.
Overall, with favorable policies, stability and increasing demand for services in the global arena, Pakistan’s IT sector shows stability and future growth potential.
