Pakistan’s Information Technology (IT) sector achieved a remarkable milestone in March 2024, marking its highest-ever monthly exports.
According to reports from Topline Securities, the country’s monthly IT exports surged to a staggering $306 million, representing a 37 percent year-on-year increase and a 19 percent month-on-month growth.
This milestone surpassed the previous record set in December 2023 when exports reached $303 million. Over the first nine months of fiscal year 2024 (9MFY24), IT exports totaled $2.28 billion, indicating a notable 17 percent year-on-year rise compared to the same period in the previous fiscal year.
In addition to robust export figures, net IT exports (exports minus imports) also saw substantial growth in March 2024, soaring by 37 percent year-on-year and 20 percent month-on-month to reach $275 million. These figures exceeded the 12-month average of $208 million. For 9MFY24, net IT exports grew by 16 percent year-on-year, reaching $1.99 billion.
In a recent interview with a private TV channel, newly appointed Finance Minister Muhammad Aurangzeb expressed optimism, stating that IT exports are expected to reach $3.5 billion by the year’s end. However, analysts caution that achieving the government’s target could be challenging, despite the growth seen in gross IT exports during 9MFY24.
Experts anticipate that gross IT exports for FY24 will likely hover around $3.0 billion, compared to the $2.6 billion recorded in the previous year. Despite challenges, Pakistan’s IT sector continues to demonstrate resilience and strong growth potential, positioning itself as a key player in the global technology market.