IT exports surge to $1.2bn in July-Oct

Despite internet disruptions and firewall issues, Pakistan’s IT exports rose 35 per cent to $1.21bn during July-October 2024-25. Nasheed Malik of Topline Securities said exports have risen due to IT export companies’ growing client base globally, especially in the Gulf Cooperation Council (GCC) region, relaxation in the permissible retention limit increasing it from 35pc to 50pc in the Exporters’ Specialised Foreign Curr­ency Accounts, and exch­ange rate stability encouraged IT exporters to bring a higher portion of profits back to Pakistan. IT exports surged 39pc year-on-year and 13pc month-on-month to $330m in October. These monthly IT exports in October 2024 are higher than last 12-month average of $287mn. This is the 13th consecutive month of YoY IT export growth, starting from October 2023, he said.