By Staff Reporter
KARACHI: Pakistan’s information technology (IT) exports jumped 27 percent year-on-year to $298 million in August, driven by IT companies expanding their global client base, particularly in the Gulf Cooperation Council (GCC) region.
The relaxation of retention limits by the State Bank of Pakistan and stability in the rupee also boosted exports. The monthly figure exceeded the 12-month average of $275 million.
On a monthly basis, IT exports rose 4 percent due to more working days in August. Export proceeds per day were $14.2 million, slightly below July’s $14.3 million.
Pakistani IT companies have been actively engaging with global clients, participating in international events such as London Tech Week and Collision Canada.
According to the Pakistan Software Houses Association, 62 percent of IT companies maintain specialized foreign currency accounts. The State Bank’s introduction of Equity Investment Abroad for export-oriented IT companies is expected to further boost confidence.
Net IT exports reached $257 million, up 26 percent year-on-year, exceeding the 12-month average of $241 million.
Analysts predict 10-15% growth in the IT sector for FY25, reaching $3.5-3.7 billion.
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