Pakistan’s IT exports cross $2.17 bln in seven months of FY24-25

Pakistan’s exports of Information Technology and IT-enabled Services crossed $2.17 bln in the first seven months of FY24-25, ARY News reported on Monday, quoting the State Bank of Pakistan (SBP) report.

As per the central bank’s report, exports comprising computer services and call center services during the first seven months (July-January) of the current fiscal year 2024-25 and stood at $2.17 billion as against $1.72 billion during the same period of the previous fiscal year.

According to official data, IT export remittances increased by nearly 18 per cent on a year-on-year basis in January 2025 and stood at $310.3 million as against $260 million in January 2024.

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There was a decline of nearly 2 per cent as against $330 million in October 2024. IT export remittances reached a record high of $3.223 billion in FY2023-24, up 24% from $2.596 billion in 2022-23.

Amid an acknowledgement that a large portion of IT export earnings remains unsecured, the government has envisaged increasing the sector’s exports from $3.2 billion in FY2024 to $4.2 billion in FY2025.

Pakistan is home to 2.32 million freelancers – who contribute 15% to IT exports – yet only 38,000 have bank accounts. While 500 new accounts are being opened weekly, according to SBP data, retaining these account holders and encouraging others to follow suit is of utmost importance.