Pakistan’s Information and Communication Technology (ICT) sector has experienced a significant boost in exports, reaching $2.283 billion during the fiscal year 2023-24 (July-March), marking a notable 17.44% increase from $1.944 billion in the corresponding period last year. This data was disclosed in the Economic Survey 2023-24 released on Tuesday.
Among all services, ICT exports constitute the largest share at 39.31% of the sector’s total exports. ‘Other Business Services’ trailed behind at $1.205 billion for FY2024 (July to March).
In March 2024 alone, ICT services export remittances surged to $306 million, showing a substantial 36% rise from $225 million recorded in March 2023.
The Pakistani IT industry currently achieves an annual export value of approximately $2.6 billion. To meet the ambitious target of reaching $15 billion in annual exports within the next five years, the sector aims to add at least 200,000 skilled and specialized IT professionals, as outlined in the Economic Survey 2023-24.
Compared to February 2024, ICT services export remittances in March 2024 grew by $49 million, indicating a 19.1% increase.
During FY2024 (July-March), the IT and ITeS industry achieved a trade surplus nearing $2 billion, which accounts for 87.43% of the total ICT export remittances. This marks a 15.84% increase from the $1.723 billion surplus recorded in the same period last year.
Conversely, the services sector overall faced a trade deficit of $1.655 billion during FY2024 (July-March).
Pakistan-based freelancers contributed significantly to the country’s foreign exchange earnings, contributing remittances totaling $350.15 million during FY2024 (July-March).
According to the Economic Survey 2023-24, Pakistan’s ICT sector growth is underscored by the registration of over 20,000 IT and ITeS companies with the Securities and Exchange Commission of Pakistan (SECP), encompassing both domestic enterprises and those focused on exports.
Pakistan’s ICT industry exports reach 170 countries and territories, with the United States, United Kingdom, UAE, Ireland, Singapore, Canada, China, Saudi Arabia, Germany, Norway, Sweden, Australia, Switzerland, Japan, and Malaysia ranking as the top 15 destinations for Pakistani ICT exports.
