Pakistan's IT exports soar 42% in Sept

Pakistan's technology exports surged 42% to $292 million in September compared to $206 million in the same period last year, data shared by the country's central bank on Monday showed.

These figures, revealed by the State Bank of Pakistan (SBP), highlight the robust growth in the tech sector, which now contributes 44% to the overall services exports.

The first quarter of the current fiscal year also saw impressive growth, with tech exports rising 34% to $876 million, up from $656 million during July-September last year.

However, on a month-on-month basis, exports dropped as Pakistan's exports amounted to $298 million in August.

Several factors have contributed to this surge in IT exports. Pakistani firms have successfully expanded their footprint in Gulf Cooperation Council (GCC) countries, particularly Saudi Arabia, where demand for IT services has been steadily increasing.

This expansion has played a crucial role in driving export growth.

Additionally, the central bank's decision to raise the permissible retention limit in Exporters' Specialized Foreign Currency Accounts from 35% to 50% has encouraged IT exporters to repatriate more profits back to Pakistan. This policy change has significantly boosted overall export figures.

A stable Pakistani rupee has further incentivized IT companies to conduct business and bring earnings back home, contributing to the surge in tech exports.

With over 25,000 IT graduates annually and more than 600,000 IT professionals, Pakistan ranks second in freelance software development and technology, according to the Pakistan Software Export Board.