Pakistan’s IT Exports Soar 32% in Five Months of FY25 

Pakistan’s information technology and IT-enabled services (ITeS) exports remittances comprising computer services and call center services registered around 32 percent growth during the first five months (July-November) of current fiscal year 2024-25 and stood at $1.530 billion compared to $1.152 billion during the same period of last fiscal year.  According to official data IT exports remittances increased by around 25 percent on year-on-year basis in November 2024 and stood at $324 million when compared to $259 million in November 2023. On month-on-month (MoM) basis, IT exports remittances decreased by around 2 percent when compared to $330 million in October 2024.  The IT exports remittances reached an all-time high of $3.223 billion in the fiscal year 2023-24 while registering 24 percent growth when compared to $2.596 billion in 2022-23.  Amid admission that a substantial portion of IT exports revenue remains unremitted, the government envisaged increasing the sector exports to increase from $3.2 billion in fiscal year 2024 to $4.2 billion in fiscal year 2025.  Pakistan is home to 2.32 million freelancers – contributing 15 percent of IT exports – yet only 38,000 hold bank accounts. While 500 new accounts are being opened weekly, as par SBP data, retaining these account holders and encouraging others to follow the course is of crucial importance.  Responding to the IT sector’s demand, SBP has raised the foreign exchange retention limit to 50 percent or $5,000 per month (whichever is higher), up from 35 percent. This encourages IT exporters and freelancers to bring their earnings into Pakistan. Further banks have been directed to ease the process of opening accounts in both PKR and foreign currency for freelancers and IT companies, enhancing accessibility for this sector.