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    Pakistan Achieves Over $3.2 Billion in ICT Export Remittances for FY 2024

    The ICT export remittances industry has been crucial to Pakistan’s economic landscape, representing over 10.5% of total exports in FY2023-24. The accelerated growth of the IT and IT-enabled Services (ITeS) sector has led to notable increases in export earnings and a substantial trade surplus.

    Shaza Fatima Khawaja, the Minister of State for IT, informed the Senate that ICT export remittances achieved a historic high of $3.223 billion, making up 41.3% of the nation’s total services exports. This increase highlights the sector’s rising significance within the national economy.

    Additionally, the IT and ITeS sector generated a trade surplus of $2.827 billion, which comprises 87.71% of the total ICT remittances. This marks a 22.31% growth from the previous fiscal year’s surplus of $2.297 billion. In sharp contrast, the wider services sector encountered a trade deficit of $2.313 billion during the same period.

    Factors Influencing ICT Export Expansion

    The Minister ascribed the remarkable development of the sector to her government’s proactive strategies, international marketing initiatives, and investments focused on improving the skilled workforce. She underscored that the IT industry has recorded a compound annual growth rate (CAGR) surpassing 22% over the past five years, establishing it as one of the most rapidly advancing sectors in Pakistan’s service industry.

    According to her, the momentum in ICT export remittances has continued into FY2024-25. Between July and December 2024, export revenues surged by 28% year-over-year, reaching $1.86 billion, compared to $1.45 billion during the same timeframe last year.

    In December 2024 alone, remittances hit $348 million, reflecting a 14.8% increase from December 2023 and a 12.2% month-on-month rise from November 2024, when remittances were at $310 million.

    The following table offers a view of the annual growth in ICT export remittances:

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    Fiscal YearICT Export RemittancesYear-on-Year Growth
    FY2022-23$2.596 billion–
    FY2023-24$3.223 billion+24.15%
    FY2024-25*$1.86 billion (H1)+28% (H1 YoY)

    (Figures for FY25 reflect the interval from July to December.)

    Government Approaches for Sustained Growth

    To maintain the upward trajectory of ICT export remittances, the Ministry of IT and Telecommunication (MoITT) has introduced various strategic initiatives.

    These actions are designed to enhance Pakistan’s IT presence in global markets, develop human resources through extensive skill enhancement programs, and invest in advanced digital infrastructure, including modern IT parks and improved broadband connectivity.

    Moreover, the government is promoting partnerships with international tech firms to attract foreign investments and boost the industry’s global standing.

    Image Source: NMStudio789 / Shutterstock

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