Pakistan’s exports of information technology hit Historic levels in March 2024
Pakistan's exports of information technology hit Historic levels in March 2024
Pakistan’s IT (Information Technology) sector achieved an essential victory in March 2024, when the country recorded its highest-level monthly information technology exporting. Based on Topline intelligence reports, monthly exports for information technology hit (US $306 million), growing thirty-seven percent Year-over-Year (YoY) and 19 percent month-over-month (MoM) in March year 2024, going faster than the earlier high of (US $303 million) set in December year 2023.
The rise in year-on-year (YoY) information technology exports, resulting in going above the twelve-month average of (US$238 million), might be caused by a number of factors, likely as the State Bank of Pakistan’s (SBP) calmness of the allowable keeping boundary, which was raised from thirty-five percent to fifty percent in Exporters’ Specialized Foreign Currency Accounts (ESFCA). The PKR’s (Pakistani Rupee’s) balance attracted information technology companies to take back international earnings plus invest it in domestic bank accounts. Exports of information technology were (US$2.28 billion) in the initial (9) months of the fiscal year 2024, up seventeen percent year on year (YoY)compared to the same time in the year before.
Moreover, in March 2024, net trade-in information technology (Exports-Imports) increased by thirty-seven percent year-over-year and twenty percent month-over-month to (US $275 million). Net information technology export figures for March 2024 similarly topped the twelve-month average of (US$208 million). In (9) the month of fiscal year 2024, net exports of information technology increased by sixteen percent year on year, reaching ($1.99 billion). In the latest interview through a private Television channel, Muhammad Aurangzeb, the recently hired Finance Minister, expressed hope that IT exports will exceed (US $3.5 billion) by the end of this year.
Even though total IT exports increased in (9) month fiscal year 2024, the government’s goal remains hard,” The top line Security noted. At this point, analysts predict that gross trade in information technology for the fiscal year 2024 would be approximately ($3.0 billion), an increase from $2.6 billion) the year before.
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