IT exports break records

The IT sector continued its upward trajectory, marking another all-time high record of $310 million in inflows. This stands as the highest export figure ever recorded in a single month, surpassing the previous peak of $306 million in March 2024.

Data released by the State Bank of Pakistan (SBP) reveals a remarkable 62% year-on-year increase and a 1% rise from the previous month in export receipts. April 2024 witnessed IT exports surpassing the last 12-month average of $245 million.

Topline Securities reports that IT export companies are thriving in the GCC region, particularly in Saudi Arabia. Factors such as the relaxation of permissible retention limits by the SBP, increasing it from 35% to 50% in the Exporters’ Specialised Foreign Currency Accounts, and rupee stability are encouraging IT exporters to repatriate a higher portion of profits back to Pakistan.