Pakistan’s IT Export Remittances Surge to US$ 332 Million in May 2024

In an impressive display of growth, ICT services export remittances surged to US$ 332 million in May 2024, marking a significant 40.7% increase compared to US$ 236 million in May 2023. This surge is indicative of the robust development and focus on the ICT sector by the present government.

Year-to-Date Performance

From July 2023 to May 2024, the ICT services export remittances have reached an impressive US$ 2.925 billion. This represents a substantial increase from the US$ 2.371 billion reported for the same period in the previous fiscal year. This notable performance was highlighted in a recent news release, which credits the government’s strategic initiatives for this growth.

Government Initiatives

Minister of State for IT and Telecommunication, Shaza Fatima Khawaja, emphasized the government’s dedication to advancing the IT sector. She praised the efforts of the Special Investment Facilitation Council (SIFC) and the Pakistan Software Export Board (PSEB) for their instrumental roles in boosting IT exports.

According to Minister Khawaja, the Prime Minister has directed the implementation of robust measures to further increase IT exports. This commitment is reflected in the significant budget allocation for the IT sector in the upcoming financial year. Notably, Rs. 20 billion has been allocated for Digital Infrastructure Information projects, underscoring the government’s focus on enhancing the country’s digital capabilities.

Monthly Growth Comparison

The month of May 2024 also saw a month-on-month increase in ICT services export remittances, rising by US$ 22 million, which equates to a 7.1% growth from April 2024. This steady month-over-month increase highlights the sector’s ongoing expansion and potential for future growth.

Trade Surplus and Export Contributions

During the period from July 2023 to May 2024, the IT & ITeS industry achieved a trade surplus of US$ 2.571 billion. This is the highest trade surplus among all services, representing 87.9% of total ICT export remittances. This figure marks a 22.31% increase compared to the trade surplus of US$ 2.102 billion during the same period last year.

The ICT sector’s exports, totaling US$ 2.925 billion, also account for the largest share among all services, making up 41.02% of the total export of services. In comparison, ‘Other Business Services’ recorded exports of US$ 1.424 billion.

The substantial growth in ICT services export remittances highlights the positive impact of the government’s focus on the IT sector. With continued support and strategic initiatives, the ICT sector is poised for even greater achievements, contributing significantly to the national economy.

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