Pakistan’s IT exports reached $324 million in November

Despite challenges like internet issues and firewalls, Pakistan’s IT exports reached $324 million in November, marking a 25% year-on-year increase, though it was down 2% month-on-month.

These exports exceeded the 12-month average of $295 million and represent the 14th consecutive month of year-on-year growth, beginning in October 2023. Over the first five months of FY25, IT exports surged by 33% to $1.53 billion.

This growth is attributed to a broader client base, particularly in the GCC region, a rise in permissible retention limits by the State Bank of Pakistan, and the stability of the Pakistani Rupee.

A slight month-on-month decline was due to fewer working days in November. Recent developments such as the SBP’s introduction of the Equity Investment Abroad (EIA) category are expected to further boost confidence in IT exports.