KARACHI: Despite internet crisis and firewall issues, Pakistan recorded monthly IT exports of $324 million, up by 25 per cent year-on-year while down by 2pc month-on-month in November.

These monthly IT exports are higher than the last 12-month average of $295m. This is the 14th consecutive month of YoY IT export growth, starting from October 2023.

As per the report of Top Line Securities, IT exports during 5MFY25 swelled by 33pc to $1.53bn.

The report said that year on year jump in IT exports is due to IT export companies’ growing client base globally, especially in GCC region, relaxation in the permissible retention limit by the State Bank of Pakistan (SBP), increasing it from 35pc to 50pc in the Exporters’ Specialized Foreign Currency Accounts, and stability in Pak Rupee encouraging IT exporters to bring a higher portion of profits back to Pakistan.

However, the MoM drop in IT exports is due to fewer working days in November (21 days) than in October (23 days). Per-day export proceeds were recorded at $15.4m for November versus $14.3m for October.

Topline Research said that the country’s IT companies actively engage with global clients. Leading IT companies recently attended Oslo Innovation Week 2024 and the Pak-US Tech Investment Conference.

According to a Pakistan Software Houses Association (P@SHA) survey, 62pc of IT companies maintain specialized foreign currency accounts.

A major development in FY25 was SBP adding a new category of Equity Investment Abroad (EIA), specifically for export-oriented IT companies. IT exporters can now acquire interest (shareholding) in entities abroad utilizing up to 50pc proceeds from specialized foreign currency accounts. This development will further boost the confidence of IT exporters to remit proceeds back to Pakistan, the research report said.

Published in Dawn, December 18th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

First line of defence

First line of defence

Pakistan’s foreign service has long needed reform to be able to adapt to global changes and leverage opportunities in a more multipolar world.

Editorial

Eid amidst crises
Updated 31 Mar, 2025

Eid amidst crises

Until the Muslim world takes practical steps to end these atrocities, these besieged populations will see no joy.
Women’s rights
Updated 01 Apr, 2025

Women’s rights

Such judgements, and others directly impacting women’s rights should be given more airtime in media.
Not helping
Updated 02 Apr, 2025

Not helping

If it's committed to peace in Balochistan, the state must draw a line between militancy and legitimate protest.
Hard habits
Updated 30 Mar, 2025

Hard habits

Their job is to ensure that social pressures do not build to the point where problems like militancy and terrorism become a national headache.
Dreams of gold
30 Mar, 2025

Dreams of gold

PROSPECTS of the Reko Diq project taking off soon seem to have brightened lately following the completion of the...
No invitation
30 Mar, 2025

No invitation

FOR all of Pakistan’s hockey struggles, including their failure to qualify for the Olympics and World Cup as well...