IT exports surges to stunning $332 million in May

BusinessIT exports surges to stunning $332 million in May

ISLAMABAD, Pakistan: 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.

The 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.


The 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 that 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 that 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.

The minister 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.

The 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.

The 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.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Pakistan and Azerbaijan affirm commitment to expand bilateral ties

ISLAMABAD, Pakistan: Pakistan and Azerbaijan have affirmed the commitment to further expanding mutually beneficial cooperation in the areas of bilateral interest, especially energy, trade,...

Steps afoot for promoting entrepreneurship and innovation in the country: Shaza Fatima

ISLAMABAD, Pakistan: President Qatar Science and Technology Park Dr. Jack Lau called on the Minister of State for IT and Telecommunication Shaza Fatima Khawaja...

Police, administration on high alert to ensure peace & security during Muharram: Mohsin Naqvi

ISLAMABAD, Pakistan: The Federal Interior Minister Mohsin Naqvi visited the Markazi Asna Ashri Imam Bargah in G-6, Islamabad last night and reviewed the security...

Supreme Court rules in favour of PTI in Reserved Seats Case

ISLAMABAD, Pakistan: The Supreme Court of Pakistan on Friday announced the much-anticipated judgement in the Reserved Seats Case, overturning the denial of reserved seats...

Rain Emergencies Alert: Parts of KPK exposed to medium level urban & flash flooding...

ISLAMABAD, Pakistan: The National Disaster Management Authority’s (NDMA) National Emergencies Operation Center anticipated that Rainfall is expected in various parts of the Khyber Pakhtunkhwa...