According to data that was issued by the central bank, the sector of telecommunications, computer.
And information services experienced a year-over-year increase of 24.2%. Resulting in the highest-ever exports of $3.2 billion during the fiscal year 2023-24.
As a comparison, the IT exports for the previous year totaled $2.6 billion. While the average exports for the prior five years have been $2.0 billion.
IT exports reached $298 million in June alone, representing a 32.4% increase when compared to June 2023.
Pakistan’s service industry had a trade imbalance of $2.3 billion for the fiscal year 24 (FY24). Representing a considerable increase of 122.0% in comparison to the previous year.
The trade deficit in services was $415 million in just the month of June. Which is an increase of 167.7% compared to a deficit of $155 million a year earlier and an increase of 153.0%. Compared to a deficit of $164 million a month earlier.
Pakistan’s IT exports increased by 62.3% in April this year when compared to the same period last year.
Latest BBC Report
According to a recent BBC report, the increase in IT exports is due to policy reforms and business-friendly policies implemented by the Special Investment Facilitation Council (SIFC).
According to the report, the main factor driving the increase in IT exports is local currency stability.
And the ability of freelancers to deposit foreign earnings into local bank accounts.
Retention Limit For IT Co.
The State Bank of Pakistan’s relaxation of the retention limit for IT companies from 35% to 50% has also contributed to this increase.
The IT sector is one of the Special Investment Facilitation Council’s priority areas. And all stakeholders have been given confidence in this regard.
Over 25,000 IT Graduates & Freelancers
Another significant reason for the increase in IT exports is that over 25,000 IT graduates and freelancers.
Earned money from foreign companies, resulting in a surge in foreign exchange.
Earlier today, sources revealed that the federal government proposed a 357% increase in the IT budget for 2024-25. The Ministry of IT has been allocated Rs 27.43 billion in the development budget.
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