IT exports increase by 31.79% in February 2024

Pakistan’s ICT services export remittances saw a remarkable surge to US$ 257 million in February 2024, marking an impressive increase of 31.79 percent compared to $195 million in February 2023.

According to the Ministry of Information Technology and Telecommunication, ICT export remittances witnessed a substantial rise by $ 257 million (14.94%) to reach $ 1.977 billion during July 2023 to February 2024 of FY2023-24, compared to $ 1.720 billion reported for the same period last year.

This surge can be attributed to the concerted efforts of the Ministry of IT & Telecommunication and the Pakistan Software Export Board (PSEB) in collaboration with the Special Investment Facilitation Council (SIFC) to enhance the ease of doing business environment.

Their initiatives have bolstered confidence within the IT industry, resulting in an uptick in IT & ITeS export remittance receipts.

However, it’s worth noting that in comparison to January 2024, ICT services export remittances experienced a slight decline of US$ 8 million (-3.02%) in February 2024.