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Pakistan’s IT Export Revenue Rises 15% to $1.97 Billion in First Eight Months of FY24

Pakistan IT exports revenue rise in

During the first eight months (July to February) of the fiscal year 2023-24, exports from the Information Technology and IT-enabled Services (ITeS) sector, encompassing computer and call center services, saw a 14.9 percent increase, reaching $1.977 billion, up from $1.720 billion in the corresponding period of the previous year.

Official figures indicate a slight decrease of approximately 4 percent in ITeS export remittances on a month-to-month basis for February 2024, settling at $257 million, down from $265 million in January 2024.

However, when comparing year-on-year data, there was a substantial 32 percent increase in sector export remittances for February 2024, up from $195 million in February 2023.

Export remittances within the broader ICT sector, which includes telecommunications, computer, and information services, experienced a slight decline of about one percent in the fiscal year 2023, totaling $2.597 billion compared to $2.619 billion the previous year.

The Ministry of Information Technology and Telecommunications has pinpointed several challenges, such as policy inconsistency, taxation issues, and banking obstacles, that are affecting the growth potential of Pakistan’s IT sector, which is estimated to have the capacity to generate exports of approximately $15 billion. For the latest Real Estate News , visit Realtorspk blogs.

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