Pakistan’s ICT exports hit record 10.5% in FY24
ISLAMABAD, PAKISTAN — Pakistan’s information and communication technology (ICT) sector reached a significant milestone in FY2023-2024 (FY24), with IT export remittance inflows contributing 10.5% to the country’s total export value.
Minister of State for IT, ICT export remittances hit a record US$3.223 billion, representing 41.3% of the nation’s total services exports. This achievement underscores the growing importance of the ICT sector in Pakistan’s economy.
IT and ITeS sectors report massive trade surplus
According to Shaza Fatima Khawaja, the IT and IT-enabled Services (ITeS) sector posted an impressive trade surplus of US$2.827 billion in FY24, accounting for 87.71% of total ICT export remittances. This marks a substantial 22.31% increase compared to the previous fiscal year’s surplus of US$2.297 billion.
In stark contrast, Pakistan’s overall Services sector recorded a trade deficit of US$2.313 billion during the same period, highlighting the ICT sector’s exceptional performance as a key driver of economic growth.
Consistent growth sets ICT sector apart
Pakistan’s ICT sector has demonstrated consistent growth over the past five years, maintaining a compound annual growth rate (CAGR) exceeding 22%.
In FY24 alone, exports from the sector surged by 24.15%, adding an additional US$627 million to the previous year’s total of US$2.596 billion. This robust growth outpaced Pakistan’s overall export increase of 10.5% during the same period.
The momentum continued into FY2025, with ICT export remittances rising by an impressive 28% in the first half (July-December), reaching US$1.86 billion compared to US$1.45 billion during the same period last year.
December 2024 also saw remarkable performance, with remittances hitting US$348 million—a year-on-year increase of 14.8%.
Proactive policies fuel sectoral success
The Ministry of IT and Telecom (MoITT) has played a pivotal role in fostering the ICT sector’s growth through targeted initiatives. These include international marketing campaigns, skill development programs, and partnerships with global technology firms.
Investments in modern infrastructure and workforce development have further strengthened Pakistan’s competitive edge in the global ICT market.
As Pakistan solidifies its position as a hub for IT and ITeS services, these achievements highlight the potential for continued growth in one of the country’s most dynamic and promising sectors.
Read more here.
Related news
- 20four7VA earns SB100 award for business excellence · 31 Jan
- SLASSCOM program bridges academia-industry gap in Sri Lankan tech sector · 31 Jan
- Fractional outsourcing trend gains momentum in 2025, says Outsourced CFO · 31 Jan
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
