Pakistan’s IT Exports Surge 21% to $3.14 Billion in July–April FY25

ISLAMABAD: IT exports in Pakistan recorded strong growth during the first ten months (July–April) of the current fiscal year 2024–25, increasing by 21% year-on-year, according to official data.

Remittances from Pakistan’s Information Technology (IT) and IT-enabled Services (ITeS) — which include computer services and call center services — surged to $3.142 billion during July–April FY25, up from $2.594 billion in the same period of the previous fiscal year.

On a year-on-year (YoY) basis, IT exports in Pakistan rose by 2% in April 2025, reaching $317 million, compared to $310 million in April 2024. However, on a month-on-month (MoM) basis, the sector experienced a 7% decline, down from $342 million in March 2025.

The IT sector reached a historic high in FY 2023–24, recording remittances of $3.223 billion, reflecting a 24% growth over the $2.596 billion recorded in FY 2022–23.

Despite the steady rise, the government has acknowledged that a significant portion of IT export revenue remains unremitted. It has therefore set an ambitious target of boosting total IT exports from $3.2 billion in FY24 to $4.2 billion in FY25.

Pakistan is home to an estimated 2.32 million freelancers, who contribute approximately 15% of total IT exports. However, only 38,000 freelancers currently maintain active bank accounts. While around 500 new freelancer accounts are being opened each week, the focus now is on improving account retention and onboarding.

To support this growing sector, the State Bank of Pakistan (SBP) has raised the foreign exchange retention limit to 50% or $5,000 per month, whichever is higher, up from the previous limit of 35%. Additionally, banks have been directed to simplify account opening procedures for both PKR and foreign currency accounts, a move expected to benefit freelancers and IT firms alike.