Pakistan’s technology exports surge 25% in November

Pakistan's technology exports soared by 25% in November, reaching $324 million compared to the same month last year.

The technology sector now contributes 48% to the overall services industry.

During the first five months of the current fiscal year, technology exports increased by 33%, totaling $1.53 billion.

Projections indicate a 40% rise, with organic exports expected to reach $4-4.5 billion by 2024-25. The sector has the potential to achieve $20-25 billion in exports over the next five years, with the addition of 300,000-500,000 IT professionals.

Pakistan's IT industry boasts impressive achievements, including developing the UAE's national payment gateway, creating 60% of Africa's stock market software, providing solutions to top automobile industries, and earning $400-500 million in gaming exports. Besides, IT parks in Islamabad and Karachi are underway, with Korean investment.

Conversely, other business services experienced a decline of 9%, dropping from $137 million to $124 million in November.

Government goods and services saw the most substantial decrease, plummeting by 26% from $92 million to $68 million.

The travel sector grew by 13%, increasing from $61 million to $69 million, indicating a recovery in the travel industry.

The transport sector also showed a healthy growth of 17%, rising from $63 million to $74 million.

Overall, the diverse performance across different sectors contributed to the 7% growth in total services exports.