IT exports surge by 24pc to record $3.2bn in FY24

LAHORE: Pakistan’s IT and IT-enabled services exports skyrocketed to a record-breaking $3.2 billion in the recently concluded fiscal year 2023-24 (FY24). This marks the highest export value ever achieved in a single financial year for the sector.

According to data released by the State Bank of Pakistan (SBP), IT exports witnessed a significant increase of 24 per cent year-on-year, translating to an additional $627 million compared to FY23.

Chairperson of P@SHA (Pakistan Software Houses Association) Muhammad Zohaib Khan highlighted the importance of consistent IT policy for maintaining sustainable growth in the industry’s exports. He expressed confidence that this upward trend will likely continue in the current financial year.

FY24 saw several positive steps taken by the government to support the IT sector. These included allowing IT businesses to retain 50 per cent of their foreign currency earnings in designated bank accounts.

Additionally, the government and private tech companies actively participated in international technology forums, securing lucrative contracts from foreign clients. Top exporters also received cash awards from the ministry in recognition of their outstanding export performance.

While Pakistan fell short of the targeted $3.5 billion export goal for FY24, the government has set an ambitious target of $5 billion for the upcoming fiscal year (FY25).Saad Shah, a prominent IT exporter and CEO of Hexalyze, said that Pakistan has successfully expanded into both traditional and non-traditional markets. Key markets include the US, the UK, Saudi Arabia, the UAE, and Australia.Several leading IT companies have adopted a blue ocean strategy to gain a competitive advantage.