Pakistan's IT exports witness over 30% growth in July

Pakistan’s Information Technology (IT) sector witnessed a significant growth of $286 million in exports in July 2024, said State Minister Shaza Fatima Khawaja.

The exports saw an increase of 34 percent from $214 million in July 2023 to $286 million in the current year.

However,  a slight decline of 4% was recorded in July on month-on-basis.

Topline Pakistan Research attributed the growth to IT companies’ efforts. 

According to TPR, the companies were expanding their business with their global clients, particularly in the Gulf Cooperation Council (GCC) region.

It added that the stability of local currency also encouraged IT exporters to repatriate a larger portion of earnings back to Pakistan.

Experts predicted that if Pakistan’s IT growth continues with the same momentum it will increase to 10% to 15% or $3.5 billion to $3.7 billion in fiscal year 2025.

However, the Minister of the State for Information Technology vowed to swell IT exports and set a $3.5 billion target for FY25.

Earlier, PM Shehbaz Sharif directed the concerned authorities to ensure the timely completion of IT Park and other IT-related projects in Islamabad.

“The IT Park will be a milestone in our journey towards achieving our $25 billion IT export target,” the premier stated.