⁠Pakistan Makes $2.5 Billion From IT Exports

Thanks to PSEB Support, Pakistan’s IT Exports Earned $2.593 Billion in the First Ten Months of FY 2023–2024

Pakistan made 2.593 billion US dollars from IT exports in the first ten months of the current fiscal year 2023–24, which runs from July to April, according to authorities from the Pakistan Bureau of Statistics (PBS). This accomplishment would not have been possible without the active promotion and assistance of the Pakistan Software Export Board (PSEB), which helps the IT sector improve its export performance.

PBS Announcement

PBS authorities state that during the previous fiscal year, 2022–2023, Pakistan earned 2.135 billion dollars between July and April. This is a 21.45 per cent gain in the first 10 months of the current fiscal year. Based on a comparison between the aforementioned period and the same period of the fiscal year 2022–2023, the PBS reports that exports of computer services increased by 10.8% for software consultancy and 19.24% for hardware consultancy.

Exports of Call Centre and News Agency Services Have Increased Significantly

#Exports

News agency services saw a 167.58 per cent increase in exports among information services, while other information-related services saw a 16.83 per cent gain in exports.
According to the PBS, over the specified months, call centre services saw a 17.59 per cent growth in exports while other telecommunication services saw a 1.56 per cent decrease.

Pakistan’s IT Sector’s Ascent

Policies and Assistance from the Government

#PoliciesandAssistance

The IT Exports sector has grown thanks in large part to the support of the Pakistani government. Technological parks, tax incentives, and business laws that make conducting business easier have all contributed to the development of a favourable climate for IT enterprises. The mission of the Special Technology Zones Authority (STZA) is to establish technology-related special zones that offer top-notch infrastructure and assistance to tech firms.

2. A Talented and Young Workforce

Pakistan has a sizable number of young, tech-savvy people, with over 60% of the population under 30. An increasing number of graduates in computer science, engineering, and related subjects are coming out of universities and technical institutes, adding to the skilled labour that the IT Exports sector needs.

3. Innovation Hubs and Startup Culture

Pakistan has seen a sharp increase in the number of startups throughout the past ten years. Innovation hubs have emerged in cities like Karachi, Lahore, and Islamabad, where a plethora of incubators and accelerators are fostering new businesses. Since many entrepreneurs are creating goods and services for global markets, this thriving startup environment has played a critical role in boosting IT exports.

Important Sources of Revenue for IT Exports

Services and Software Development

Pakistan’s IT export portfolio still primarily consists of software development. Numerous services are available from businesses, such as enterprise solutions, mobile app development, and custom software development. These services are in great demand all around the world and greatly increase export earnings.

2. Contract Work and Outsourcing

Pakistan is one of the best places in the world to work as a freelancer, with hundreds of experts offering IT services to clients across the globe. The ability to connect Pakistani freelancers with clients abroad through platforms like Upwork and Fiverr has helped increase export profits.

3. Digital and E-Commerce Platforms

#DigitalandECommercePlatforms

For Pakistani IT Exports companies, the expansion of e-commerce has created new opportunities. The creation and administration of e-commerce platforms for global customers has grown to be a profitable industry. Pakistani businesses are also developing SaaS (Software as a Service) solutions and digital platforms for international markets.

Conclusion

Pakistan made $2.593 billion from IT exports in the first ten months of the 2023–2024 fiscal year, a significant achievement that amounts to a 21.45 per cent increase over the same period last year. Software and hardware consultancy had increases of 10.8 per cent and 19.24 per cent, respectively, while news agency services exports saw an amazing 167.58 per cent growth. These are two significant areas driving this rise. Government initiatives including technology parks, tax advantages, and the establishment of the Special Technology Zones Authority (STZA) have improved the economic climate for Information Technology companies. Pakistan has also profited from a rising startup ecosystem in cities like Islamabad, Lahore, and Karachi, as well as a youthful, tech-savvy labour force. With the global demand for IT services growing, Pakistan’s strategic.