IT Exports Surge By 34% YoY in July 2024
The country’s information technology and IT-enabled services (ITeS) export remittances comprising computer services and call center services registered around a 4 percent decline in the first month of the current fiscal year i.e. July as it remained at $286 million compared to $298 million in June 2024.
According to official data, IT export remittances increased by around 34 percent on a year-on-year basis in July 2024 compared to $214 million in July 2023.
The IT export remittances reached an all-time high of $3.223 billion in the fiscal year 2023-24 while registering 24 percent growth compared to $2.596 billion in 2022-23.
Internet services remained slow for the last several weeks which according to sector experts may hit the country’s IT exports negatively.
The Ministry of Information Technology and Telecommunications stated that efforts of the ministry and the Pakistan Software Export Board (PSEB) in close coordination with the Special Investment Facilitation Council (SIFC) for accelerated international business development and improving ease of doing business environment have enhanced IT and ITeS exports and resulted in building IT industry’s confidence.
The ministry has identified several constraints including inconsistency in policies, taxation issues, and banking hurdles which are hampering the country’s information technology sector’s export potential of around $15 billion.
