According to IT ministry data, Pakistan’s export remittances for ICT services increased by 31.79 percent to $257 million in February 2024, up from $195 million in February 2023.
According to the Ministry of Information Technology and Telecommunication, ICT export remittances increased by $ 257 million (14.94%) to $ 1.977 billion from July 2023 to February 2024 of FY2023-24, compared to $ 1.720 billion recorded last year.
The spike can be ascribed to the Ministry of IT & Telecommunications and the Pakistan Software Export Board (PSEB) working together with the Special Investment Facilitation Council (SIFC) to improve the business environment.
Their actions have boosted sector confidence, resulting in an increase in IT and ITeS export remittances.
However, compared to January 2024, ICT services export remittances fell by US$ 8 million (-3.02%) in February 2024.
Furthermore, the IT & ITeS Industry had the biggest trade surplus of US$ 1.721 billion among all services, accounting for 87.05% of total ICT export remittances from July 2023 to February 2024 in FY2023-24.
This marks a significant increase of 13.07% above the trade surplus of $ 1.522 billion during the same period last year.
In contrast, the services industry as a whole incurred a trade imbalance of $ 1.892 billion during July 2023 to February 2024 of FY2023-24.
The ICT sector’s exports of US$ 1.977 billion are the largest among all services, accounting for 38.92% of total service exports, with ‘Other Business Services’ lagging behind at $ 1.058 billion.
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