In August 2024, Pakistan’s IT exports reached an impressive $298 million. This amount represents a 27% increase compared to the same month last year and a 4% rise compared to the previous month. Notably, this figure is higher than the average of $275 million over the past year.
According to Topline Securities, the remarkable growth in exports can be attributed to the expanding global client base of Pakistani IT companies, especially in the Gulf Cooperation Council (GCC) region. As more clients from this region turn to Pakistani IT services, the demand has significantly increased, leading to higher export figures.
Furthermore, the recent decision by the State Bank of Pakistan to relax the retention limit has also played a crucial role. They have raised the limit from 35% to 50% for Exporters’ Specialized Foreign Currency Accounts.
This means that IT exporters can now keep more of their earnings abroad. Along with the stability of the Pakistani Rupee, this change has motivated many IT exporters to bring back a larger portion of their profits to Pakistan.
