During the first eight months (July-March) of the current fiscal year 2023–24, Pakistan’s export remittances for IT and IT-enabled Services (ITeS), which include computer services and call center services, increased by approximately 17.37 percent. They remained at $2.283 billion, as opposed to $1.945 billion during the same period last fiscal year.
Remittances from ITeS exports rose by over 4% on a month-over-month (MoM) basis in March 2024, reaching $306 million, the biggest monthly export amount ever, surpassing the previous record of $303 million set in December 2023, according to official statistics.
Export remittances rose by over 36% YoY from $225 million in March 2023 to the sector’s export remittances.
ICT export remittances, which include computer, information, and communications services, were $2.597 billion in FY23 as opposed to $2.619 billion in FY22. This is a negative growth rate of almost 1%.
The country’s information technology sector has a potential $15 billion in exports, but a number of obstacles, including inconsistent policy, taxation, and banking, are impeding its growth, according to the Ministry of Information Technology and Telecommunications.
