WEB DESK: Pakistan’s IT industry has achieved its highest-ever monthly exports, reaching $348 million in December 2024, marking a 15 per cent year-on-year (YoY) growth and a 12 per cent increase compared to November 2024, according to a report by Topline Securities.

This figure also surpasses the past 12-month average of $299 million, underscoring the sector’s robust performance.

It is the 15th consecutive month of YoY IT export growth after it started in October 2023. The amount for the first half of FY 25 (1HFY25) stands at $1.86 billion for IT exports, a growth of a record-breaking 28 percent over last year.

Factors driving IT export increase

  • Global Growth: IT companies in Pakistan are increasing their clientele globally, with the major focus on the GCC region.
  • Increase in permissible retention limits for Exporters’ Specialised Foreign Currency Accounts from 35 percent to 50 percent.
  • Equity investment allows exporters to invest in establishments outside the country.
    Stable PKR: Stable currency exchange has been a boost for IT companies in repatriating more of their profits in Pakistan.

Sectoral momentum and global outreach

Pakistani IT firms actively participated in global platforms such as Oslo Innovation Week 2024, the Pak-US Tech Investment Conference among others to further entrench their names in international terrain.

A survey conducted by the Pakistan Software Houses Association (P@SHA) found that 62 percent of IT companies keep specialized foreign currency accounts which boosts their efficiency in exports.

Net IT exports, computed as exports minus imports, stood at $222 million for December 2024, reflecting a YoY decline of 16 percent and falling below the last 12 months’ average of $265 million.

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Web Desk

Aamir Khan, with a knack for economics and business news, is currently working at Azaad English.

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