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IT exports surges to stunning $332m in May 2024

IT exports surges to stunning $332m in May 2024

IT exports surges to stunning $332m in May 2024

IT exports surges to stunning $332m in May 2024

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ISLAMABAD: The ICT services export remittances surged to US$ 332 million in the month of May 2024, an astounding increase of 40.7% in comparison to US$ 236 million in May 2023

ICT export remittances have surged to US$ 2.925 billion during July 2023 to May 2024 of FY2023-24 in comparison to US$ 2.371 billion reported for the same period last year.

Minister of State for IT and Telecommunication Shaza Fatima Khawaja said that the present government is focused upon the development of IT sector.

She said the role of Special Investment Facilitation Council (SIFC) and Pakistan Software Export Board (PSEB) in the increase of IT exports is laudable. Shaza Fatima said on the directives of the Prime Minister of Pakistan robust steps are underway for increasing IT exports.

She said that hefty increase has been made in IT sector budget in coming financial year, adding that this increase in IT exports will be helpful in increase of IT exports.

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She said that Rs. 20 billion has been allocated for Digital Infrastructure Information projects in the current budget.

It may be noted that in comparison to previous month of April 2024, ICT services export remittances have increased by US$ 22 million (7.1% growth) in May 2024.

Trade surplus of US$ 2.571 billion, highest in all Services (87.9% of total ICT export remittances) has been realized by the IT & ITeS Industry during July 2023 to May 2024 of FY2023-24, an increase of 22.31% as compared to trade surplus of US$ 2.102 billion during the same period last year.

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ICT sector exports of US$ 2.925 billion are the highest among all Services (41.02% of total export of services) with ‘Other Business Services’ trailing at US$ 1.424 billion.

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