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Pakistan’s Information and Communication Technology (ICT) sector exports remittances have surged 17.44% to $2.283 billion during FY2024 (July-March) compared to $1.944 billion during the same period last year, according to the Economic Survey 2023-24, which was revealed on Tuesday.
ICT exports are the highest among all services, consuming 39.31% of the sector’s total exports, with ‘Other Business Services’ trailing at $1.205 billion from FY2024 (July to March).
Key highlights of Pakistan Economic Survey 2023-24
In March 2024, ICT services export remittances surged to $306 million, an increase of 36% compared to $225 million in March 2023.
The IT industry in Pakistan currently generates an annual export of around US$ 2.6 billion. However, to achieve the ambitious target of yearly exports of $15 billion in the next five years, adding at least 200,000 proficient and specialised IT professionals is necessary. - Economic Survey 2023-24
Compared to the previous month of February 2024, ICT services export remittances increased by $49 million (19.1% growth) in March 2024.
The trade surplus of nearly $2 billion, the highest in all services (87.43% of total ICT export remittances) has been realised by the IT and ITeS industry during FY2024 (July-March), an increase of 15.84% as compared to a trade surplus of $1.723 billion during the same period last year.
At the same time, the services sector has recorded a trade deficit of $1.655 billion during FY2024 (July-March).
Pakistan-based freelancers contributed foreign exchange earnings to Pakistan’s economy through remittances of $350.15 million during FY2024 (July-March).
“The development of Pakistan’s ICT sector can be gauged from the fact that over 20,000 IT and ITeS companies are registered with the Securities and Exchange Commission of Pakistan (SECP) comprising domestic and export-oriented enterprises,” the survey said.
Pakistan’s ICT industry exports to 170 countries and territories.
The top 15 export destinations for Pakistan’s ICT industry are the USA, UK, UAE, Ireland, Singapore, Canada, China, Saudi Arabia, Germany, Norway, Sweden, Australia, Switzerland, Japan, and Malaysia.