State Bank Reports $1.2 Billion in IT Exports for Pakistan

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Islamabad: According to the State Bank of Pakistan, the country’s IT sector has exported services worth $1.2 billion in the first four months of the current fiscal year.

In October alone, Pakistan's IT exports reached $330 million, marking a 13% increase compared to September. Over the past 12 months, the sector has averaged monthly exports of approximately $290 million. With the rise in exports, Pakistani companies have also expanded their global client base.

Key Highlights:

Remittances Increase: There was a 7% month-on-month increase in remittances in October.

Supportive Policies: The growth in IT exports is attributed to the supportive policies of the State Bank. Experts anticipate that this positive trend will continue into fiscal year 2025, with projections suggesting that IT exports could rise by 10-15%, reaching between $3.5 billion and $3.75 billion.

State Minister for IT, Shiza Fatima, noted that there has been a 34.9% increase in IT exports during the first four months of the fiscal year. From July to October, IT exports reached $1.206 billion, compared to $894 million during the same period last year.

Shiza Fatima stated that measures are ongoing to boost IT exports under the guidance of the Prime Minister. The Ministry of IT and the Pakistan Software Export Board are actively working to enhance exports, while the IT industry is also striving to increase its international presence.