Pakistan records highest ever monthly IT exports

Pakistan has recorded the highest ever monthly IT exports of $348 million, up by 15 percent year-on-year and 12 percent month-on-month in Dec 2024. Exports were up 28 percent year-on-year in the first half of fiscal year 2025.

A report released on Friday said monthly IT exports in Dec. 2024 were higher than the last 12 month’s average of $299 million. This is the 15th consecutive month of YoY IT export growth, starting from Oct. 2023. This takes IT exports for the first half of fiscal year 2025 to $1.86 billion, up by 28 percent YoY. Export proceeds per day were recorded at $16.6 million for Dec. 24, compared to $14.8 million in Nov. 24. 

“YoY jump in IT exports is due to (1) IT export companies growing client base globally, especially in GCC region, (2) relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35 percent to 50 percent in the Exporters’ Specialized Foreign Currency Accounts, (3) allowance of equity investment abroad through these foreign currency accounts and (4) stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan,” the report said. 

“Pakistani IT companies are active in engaging with global clients. Recently leading IT companies of Pakistan attended Oslo Innovation Week 2024, and Pak-US Tech Investment Conference.”