Pakistan’s IT Exports Earned an All-Time High of $3.2 Billion in 2023-24

Pakistan is making big strides in Information Technology (IT) and IT-enabled services (ITS). In the fiscal year 2023-24, the export remances from these services hit a whopping $3.223 billion! That’s a fantastic 24% increase from $2.596 billion in 2022-23.

But, there’s a bit of a bump in the road. In June 2024, ITeS exports dropped about 11.3% month-on-month. They landed at $298 million, down from $332 million in May 2024.

Looking at things over the year, though, they’re doing well! Remittances are up more than 32% compared to June 2023, when they were $225 million.

As for ICT export remittances—which include telecommunication, computer, and info services—they reached $2.596 billion. This is a small dip of about 1% from $2.619 billion in the fiscal year before, 2021-22.

The Ministry of Information Technology and Telecommunications (MoITT) has been working hard. They’re teaming up with the Pakistan Software Export Board (PSEB) & the Special Investment Facilitation Council (SIFC). Their focus is on speeding up international business & making it easier to do business in Pakistan. This teamwork is helping boost IT and ITeS exports while also building confidence in the industry.

However, challenges still exist! The ministry has pointed out issues like inconsistent policies, some taxation problems, and banking challenges that limit the country’s export potential—estimated to be around $15 billion!

According to the Economic Survey, Pakistan’s IT industry brings in about $2.6 billion annually in exports now. But to reach that exciting goal of $15 billion in the next five years, they’ll need at least 200,000 skilled IT professionals. Quite a task, right? Pakistan’s ICT industry serves some of the biggest companies around the world!

Several global firms, like Bentley, Ciklum, IBM, and others have set up consulting centers and support services in Pakistan. This brings great job opportunities for young talent!

Moreover, it’s also helping shape Pakistan’s reputation in software skills while drawing foreign direct investment (FDI). Major tech hubs for this industry are buzzing in Karachi, Lahore, & Islamabad/Rawalpindi.

Oh! And let’s not forget—the ICT sector boasts over 600,000 English-speaking IT and BPO pros who know their stuff when it comes to both current & emerging technologies!