Pakistan’s information technology (IT) and IT-enabled services (ITeS) exports recorded significant growth in the first seven months (July-January) of the fiscal year 2024-25. Official data shows a 26% increase, with export remittances reaching $2.177 billion compared to $1.721 billion during the same period last year.
In January 2025 alone, IT export remittances rose by 18% year-on-year (YoY) to $313 million, up from $265 million in January 2024. However, on a month-on-month (MoM) basis, exports declined by 11% from $348 million in December 2024.
The sector achieved a record-breaking $3.223 billion in exports in the fiscal year 2023-24, reflecting a 24% rise from $2.596 billion in 2022-23. The government has set an ambitious target to increase exports from $3.2 billion in FY 2024 to $4.2 billion in FY 2025.
Pakistan is home to 2.32 million freelancers, contributing 15% of the country’s IT exports. However, only 38,000 freelancers hold bank accounts. While 500 new accounts are being opened weekly, retaining these account holders and encouraging more freelancers to join the formal banking system remains a priority.
To support IT exporters and freelancers, the State Bank of Pakistan (SBP) has increased the foreign exchange retention limit to 50% or $5,000 per month, whichever is higher. This is an increase from the previous 35% limit. Additionally, banks have been directed to simplify the account opening process for IT professionals, making it easier to open both PKR and foreign currency accounts.
These measures aim to improve remittance inflows, support IT sector growth, and enhance Pakistan’s position in the global digital economy.
