Pakistan Achieves Record $348 Million in Monthly IT Exports for December
Pakistan’s IT sector achieved a milestone in December 2024, recording its highest-ever monthly exports of $348 million, reflecting a 15% year-on-year (YoY) increase. This marks the 15th consecutive month of YoY growth since October 2023, showcasing the sector’s resilience and consistent performance. Monthly exports also rose by 12% compared to November, with December’s daily average proceeds reaching $16.6 million. Cumulatively, the first half of FY25 saw IT exports climb to $1.86 billion, representing a 28% YoY growth.
This remarkable performance is fueled by expanding global engagement, particularly in the Gulf Cooperation Council (GCC) region, and regulatory reforms by the State Bank of Pakistan (SBP). Initiatives such as raising the permissible retention limit in Exporters’ Specialized Foreign Currency Accounts and introducing the Equity Investment Abroad (EIA) category have bolstered exporters’ confidence. Participation in international events like the Oslo Innovation Week 2024 has further enhanced Pakistan’s IT footprint globally.
Despite these achievements, net IT exports for December 2024 fell 16% YoY to $222 million, highlighting challenges in retaining growth momentum. However, the sector is projected to grow by 10-15% annually in FY25, potentially reaching $3.5-3.7 billion. Under the government’s ambitious ‘Uraan Pakistan’ plan, the long-term goal is $10 billion in IT exports by FY29, requiring a CAGR of 28%. Companies like Systems Limited are emerging as key players in this dynamic and rapidly evolving industry.
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