Pakistan’s ICT export remittance inflows contributed over 10.5 percent to Pakistan’s export value during FY2023-24, marking a significant contribution from the IT and IT-enabled Services (ITeS) sector.
Minister of State for IT Shaza Fatima Khawaja informed the Senate of Pakistan in a written reply that ICT export remittances reached a record high of US$ 3.223 billion, accounting for 41.3 percent of the total export of services.
The minister stated that the sector delivered a trade surplus of US$ 2.827 billion, representing 87.71 percent of total ICT export remittances, marking a 22.31 percent increase compared to the previous year’s trade surplus of US$ 2.297 billion. In contrast, the overall Services sector recorded a trade deficit of US$ 2.313 billion during the same period.
The IT and ITeS sector has maintained a compound annual growth rate (CAGR) of over 22 percent over the past five years, making it the fastest-growing sector in the Services industry.
Minister said that Pakistan’s ICT exports grew by 24.15 percent in FY24, with export remittances increasing by US$ 627 million compared to the previous year’s US$ 2.596 billion. This sector contributed significantly to Pakistan’s total export value in the same fiscal year. While Pakistan’s total exports grew by 10.5 percent, ICT exports saw a significantly higher growth rate of over 24 percent.
Minister added that the momentum in ICT export growth has continued into the first half of FY25 (July-December), with remittances surging by 28 percent to US$ 1.86 billion, compared to US$ 1.45 billion during the same period last year.
In December 2024 alone, ICT services export remittances reached US$ 348 million, reflecting a 14.8% increase from December 2023. Additionally, a 12.2 percent month-on-month growth was recorded from November 2024, when remittances stood at US$ 310 million.
The government’s policies and initiatives aim to sustain this upward trajectory by focusing on workforce development, modern infrastructure, and global market expansion. The minister said that the MoITT’s comprehensive approach includes aggressive international marketing, skill development programs, and collaborations with global tech firms.
