IT exports surge 42% as firms expand client base

Pakistan's information technology exports maintained their growth as they fetched $292 million in September 2024, up 42% from the same month of last year and higher than the last 12-month average of $280 million. It is the 12th consecutive month of year-on-year (YoY) growth in IT exports, beginning October 2023. According to the State Bank of Pakistan (SBP), IT exports for the first quarter (July-September) of the current fiscal year grew 34% from the same period of last year, to stand at $877 million. The growth came in the backdrop of a widening client base of exporters globally, especially in the Gulf Cooperation Council (GCC) region, relaxation in the permissible retention limit from 35% to 50% in the Exporters' Specialised Foreign Currency Accounts and stability of the Pakistani rupee, which was an encouragement for IT exporters to bring back a higher proportion of their profits to Pakistan.