Pakistan’s IT and IT-enabled Services (ITeS) sector continues to showcase its resilience and growth, as the remittances from IT exports in Pakistan experienced a notable 7% year-on-year (YoY) increase in July. The steady upward trajectory demonstrates the sector’s potential to contribute significantly to the nation’s economic landscape.
A Testament to the Country’s Potential
July marked a significant achievement for Pakistan’s IT sector, with a remarkable 7% YoY surge in export remittances, reaching a total of $214 million. This substantial uptick compared to the previous year’s $199 million underscores the sector’s vitality and capacity for expansion. This impressive growth hints at the sector’s potential to become a driving force in propelling Pakistan’s economic progress.
The Road to Achieving the IT Exports Target in Pakistan
While the YoY growth is encouraging, there are challenges that need to be addressed to ensure sustained progress. The State Bank of Pakistan’s official data revealed a month-on-month (MoM) decline of 5% in export remittances during July. Despite this setback, the overall momentum remains positive. The sector’s exports remittances slightly dipped to $214 million from $224 million in June 2023. However, the sector’s potential to contribute significantly to the nation’s economic landscape remains evident.
Also read: Government Assures Full Support to IT Industry to Boost Exports
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