IT exports surges to US$ 876 million in 1st quarter of FY 2024-25: Shaza Fatima Khawaja

ISLAMABAD, Oct 21 (SABAH): IT export remittances in Pakistan have experienced a significant increase of 33.54%, reaching US$ 876 million during the first three months of FY 2024-25 (July to September), compared to US$ 656 million in the same period last year (FY 2023-24).

Minister of State for IT and Telecommunication Shaza Fatima Khawaja said the remittances from ICT services export amounted to US$ 292 million in September 2024, a 41.7% increase from US$ 206 million in September 2023. She said steps are underway for increasing IT exports, adding that IT exports are increasing owing to initiatives for ease of doing business in the country.

Shaza Fatima Khawaja said on the directives of the Prime Minister of Pakistan and the full support of the Special Investment Facilitation Council (SIFC), Ministry of IT and Telecommunication, Pakistan Software Export Board and IT industry are committed to increase IT exports. The IT & ITeS industry achieved a trade surplus of US$ 764 million, which constitutes 87.21% of total ICT export remittances during the first three months of FY 2024-25. This surplus reflects a 36.67% increase from US$ 559 million in the same period last year. In contrast, the overall services sector recorded a trade deficit of US$ 699 million during this timeframe.

The US$ 656 million in ICT export remittances during July to September 2024 is the highest among all services sectors, with “other business services” following at US$ 374 million. This robust performance underscores the growing significance of the ICT sector in Pakistan’s economic landscape.