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News » Pakistan’s IT exports reach record $348Mn in December

Pakistan’s IT exports reach record $348Mn in December

pakistans-it-exports-in-december
Photo from Business Recorder

KARACHI, PAKISTAN — Pakistan’s IT sector reached a historic milestone in December 2024, recording its highest-ever monthly exports of $348 million, as per the State Bank of Pakistan (SBP). 

This figure represents a 12% increase from November 2024 and surpasses the previous record of $330 million set in October 2024. 

Additionally, the December exports exceeded the 12-month average of $299 million, marking the 15th consecutive month of growth since October 2023.

Factors driving IT export growth

Experts credit this growth to several factors, including increased engagement with international markets such as the United States and Gulf Cooperation Council (GCC) countries. 

Pakistani IT firms secured significant contracts through participation in global tech events like Oslo Innovation Week, GITEX, and Singapore Tech Week.

Policy reforms by the SBP also played a crucial role. Tech expert Noman Ahmed Said highlighted that increasing the permissible retention limit in Exporters’ Specialized Foreign Currency Accounts from 35% to 50% and introducing Equity Investment Abroad (EIA) have encouraged exporters to repatriate earnings.

A stable Pakistani Rupee (PKR) further incentivized exporters to remit higher profits back to Pakistan, contributing to the record-breaking figures.

Challenges constraining full potential

Despite the impressive numbers, industry leaders argue that Pakistan’s IT export potential remains underutilized due to infrastructure challenges. Saad Shah, CEO of Hexalyze Consulting Services (HCS), noted that slow and disrupted internet services hinder growth. 

Shah explained that companies often rely on extra work hours and offshore partnerships to meet deadlines. 

He urged the government to address internet connectivity issues and establish IT parks with uninterrupted services to enhance exports and attract foreign direct investment (FDI).

Future prospects for the IT sector

In the first half of the current financial year, Pakistan’s IT exports surged to $1.86 billion, compared to $1.45 billion during the same period last year. 

Experts predict that with improved infrastructure and sustained efforts, exports could surpass $4 billion by the end of the financial year.

Noman also suggested aligning Pakistan’s IT curriculum with global advancements in fields like artificial intelligence and cybersecurity to enhance workforce competitiveness. 

Read more here.

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