Pakistan’s IT exports reach record high in March 2024

KARDACHI: Pakistan’s Information Technology (IT) sector witnessed its highest ever monthly IT exports in March 2024.

According to Topline Security Reports, Pakistan’s monthly IT exports reached US$306 million, up 37% YoY and 19% MoM in March 2024, surpassing the previous export record of US$303 million in December 2023. Gone.

This increase in year-on-year (YoY) IT exports, which exceeded the 12-month average of USD 238 million, is attributable to various factors, including:

In the first nine months of fiscal year 2024 (9MFY24), IT exports reached US$2.28 billion, up 17 percent year-on-year over the same period last fiscal year.

Additionally, net IT exports (exports-imports) also recorded growth in March 2024, increasing by 37% YoY and 20% month-on-month to US$ 275 million. In March 2024, these net IT export numbers also exceeded the 12-month average of USD 208 million. In 9MFY24, net IT exports recorded a year-on-year growth of 16%, reaching US$ 1.99 billion.

Read More: Pakistan’s IT Exports Surge, Reaching $1.45 Billion in First Half of FY 2023-24

Expressing optimism in a recent interview with a private TV channel, newly appointed Finance Minister Mohammad Aurangzeb said that IT exports are likely to touch USD 3.5 billion by the end of the year.

“Although overall IT exports have increased during 9MFY24, the government’s target appears challenging,” Topline Securities highlighted.

Meanwhile, experts are expecting the overall IT exports for FY24 to reach around USD 3.0 billion, compared to USD 2.6 billion recorded last year.