Pakistan’s IT exports reached a record $330 million in October 2024, reflecting a 39 percent year-on-year increase and a 13 percent rise from the previous month. This figure surpasses the 12-month average of $287 million and marks the 13th consecutive month of year-on-year growth since October 2023.
For the first four months of the fiscal year 2025 (4MFY25), IT exports totaled approximately $1.21 billion, up 35 percent compared to the same period last year. According to Topline Securities, this growth is driven by several factors: the expansion of IT companies’ global client base, particularly in the GCC region; the State Bank of Pakistan’s relaxation of the permissible retention limit in Exporters’ Specialized Foreign Currency Accounts from 35 percent to 50 percent; and the stability of the Pakistani Rupee, which has encouraged IT exporters to repatriate a larger portion of their profits.
The month-on-month increase in IT exports is attributed to a higher number of working days in October (23) compared to September (20), with daily export proceeds recorded at $14.3 million in October versus $14.6 million in September.
Pakistani IT companies have been actively engaging with international clients, as evidenced by their participation in events such as Oslo Innovation Week 2024 and the Pak-US Tech Investment Conference. A survey by the Pakistan Software Houses Association (P@SHA) revealed that 62 percent of IT companies maintain specialized foreign currency accounts.
