Islamabad, Pakistan’s Information and Communication Technology (ICT) sector has shown a remarkable increase in export remittances, with a surge of 22.67% in December 2023 compared to the same month in the previous year. The total ICT export remittances from July to December 2023 in the financial year 2023-24 reached US$ 1.455 billion, a significant rise from US$ 1.335 billion reported in the same period last year.

According to Press Information Department, the impressive growth in ICT exports is attributed to the efforts of the Minister of IT and Telecommunication, Dr. Umar Saif, and the Special Investment Facilitation Council (SIFC) in enhancing the ease of doing business environment. This has bolstered the IT industry’s confidence, resulting in increased IT and ITeS export remittance receipts. In December 2023 alone, ICT services export remittances reached US$ 303 million, up from US$ 247 million in December 2022, and showing a month-to-month increase of 16.99% from November 2023.

The IT and ITeS industry also recorded a trade surplus of US$ 1.251 billion from July to December 2023, which is the highest in all services, accounting for 85.98% of total ICT export remittances. This represents a 7.11% increase from the trade surplus of US$ 1.168 billion in the same period last year. In contrast, the Services sector overall recorded a trade deficit of US$ 1.43 billion during the same period.

The ICT sector, with exports of US$ 1.455 billion, is now the highest earner among all services, contributing 38.64% to the total export of services. This is a significant achievement, with ‘Other Business Services’ trailing at US$ 785 million. The strong performance of Pakistan’s ICT sector indicates a robust growth trajectory and a vital contribution to the country’s economy.