IT sector exports surge by 27% in current financial year

Good news for economy of the country as Information Technology (IT) sector exports increased by 27 percent this year as compared to previous year, reported 24NewsHD TV channel on Friday.

According to a report, in August 2024, the IT sector exports reached $298 million. The report says IT sector exports increased by 4 percent in August 2024 compared to July 2024.

Overall exports of IT sector increased by 27 percent in August 2024 compared to August 2023, report further says.

Exports of the IT sector in August 24 exceeded the 12-month average of $275 million.

In the first 2 months of this financial year, the exports of the IT sector will reach $584 million according to the report.

The main reasons for the annual increase in IT exports are that IT export companies are increasing client base globally, report said.

It is the main reason for the IT sector to gain more clients in the Gulf countries, the report further said.

The State Bank's stabilization of the rupee is also benefiting and IT exporters are taking most of the profits to Pakistan, report said.

Reporter: Ashraf Khan