Islamabad, Jan 30: In FY2023-24, Pakistan’s ICT export remittance inflows made a significant impact, contributing over 10.5% to the nation’s total export value. This highlights the growing importance of the Information Technology (IT) and IT-enabled Services (ITeS) sectors in Pakistan’s economy.
According to Shaza Fatima Khawaja, the Minister of State for IT, these remittances reached a record-breaking US$ 3.223 billion, marking a 41.3% share of the country’s total export of services.
A closer look at the performance of the ICT sector reveals impressive figures. Pakistan’s IT and ITeS sector recorded a trade surplus of US$ 2.827 billion, a remarkable 87.71% of total ICT export remittances.
This marks a 22.31% increase compared to the previous fiscal year, where the surplus stood at US$ 2.297 billion. The ICT sector’s continued success contrasts sharply with the overall Services sector, which faced a trade deficit of US$ 2.313 billion in the same period.
The growth of Pakistan’s ICT exports is nothing short of remarkable. Over the last five years, the sector has consistently maintained a compound annual growth rate (CAGR) of over 22%, making it the fastest-growing part of the Services industry. In FY2024 alone, ICT exports saw an impressive 24.15% increase, amounting to an additional US$ 627 million compared to the previous year’s US$ 2.596 billion. This growth significantly outpaced the 10.5% increase in Pakistan’s overall export value.
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The momentum has continued into FY2025, with ICT export remittances rising by 28% during the first half (July-December), reaching US$ 1.86 billion, compared to US$ 1.45 billion in the same period of the previous year. The performance in December 2024 was particularly notable, with remittances hitting US$ 348 million, a 14.8% year-on-year increase from December 2023.
This sustained growth can be attributed to the government’s proactive policies aimed at boosting the ICT sector. The Ministry of IT and Telecom (MoITT) has implemented several initiatives to ensure the continued success of this sector. These efforts include international marketing campaigns, skill development programs, and collaborations with global tech giants. The government is also focusing on modern infrastructure and workforce development to maintain Pakistan’s competitive edge in the global ICT market.
