ICT exports remittances surges to US$286 million in July

ISLAMABAD: ICT exports remittances reached US$286 million in the first month of Financial Year 2024-25 (July).

ICT exports increased 33.64% over the US$214 million remitted during corresponding period last year FY2023-24 (July), said Minister of State for IT and Telecommunication Shaza Fatima Khawaja.CM Punjab approves expansion of revenue authority to 12 new districts

She said that the present government is committed for increase in IT exports.

Minister of State for IT said that the Prime Minister of Pakistan is fully focused upon uplift of the IT sector.

She said that on the directives of the Prime Minister of Pakistan and the full support of the Special Investment Facilitation Council (SIFC), Ministry of IT and Telecommunication, and Pakistan Software Export Board (PSEB) are taking steps to increase country’s IT exports.

Trade surplus of US$ 252 million, highest in all Services (88% of total ICT export remittances) has been realized by the IT & ITeS Industry during July 2024, an increase of 32.63% as compared to trade surplus of US$ 190 million during July 2023 .

Whereas, the Services sector has overall recorded trade deficit of US$ 159 million during the month of July FY2024.

ICT sector exports of US$286 million are the highest among all Services (46% of total export of services) with ‘Other Business Services’ trailing at US$ 128 million./Ends