Pakistan’s technology exports surge to $305 million in February

Pakistan’s technology exports reached $305 million in February, marking a 19% increase from $257 million in the same month last year, according to data released Friday by the State Bank of Pakistan (SBP).

Technology exports accounted for 43% of the country’s total services exports during the month.

Analysts attribute the growth in IT exports to increased engagement of Pakistani technology firms in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region and active participation in Learning Edge Advancement and Progress (LEAP) events in Saudi Arabia.

In addition, the SBP raised the retention limit for exporters in Specialized Foreign Currency Accounts from 35% to 50%, enabling IT companies to reinvest in their operations.

Furthermore, the relative stability of the Pakistani rupee against the U.S. dollar encouraged IT exporters to repatriate a larger share of their earnings.

Overall, February services exports amounted to $709 million, reflecting a 5% year-over-year rise and a 2% increase from January. For the first eight months of the fiscal year, technology exports totaled $5.5 billion, up 6% from $5.15 billion during the same period in the previous fiscal year.

Other major contributors to February’s services exports included other business services at $118 million (a 2% decline year-over-year), government goods and services at $86 million (down 18%), travel at $69 million (up 3%), and transport at $91 million (down 20%).