March 2024 records highest-ever IT exports
Global slowdown in IT investment and continued devaluation of the rupee have caused a considerable decline in Pakistan’s IT exports. photo: file
ICT export remittances surged by $339 million (17.44%) to $2.283 billion during July 2023 to March 2024 of FY2023-24 compared to $1.944 billion reported for the same period last year.
In March 2024, ICT services export remittances surged to $306 million, a remarkable increase of 36% compared to $225 million in March 2023.
“This is the highest ever export number in a single month, with the previous highest being $303mn in December 2023. The YoY jump in IT exports is due to firstly, relaxation in the permissible retention limit by the SBP, increasing it from 35% to 50% in the Exporters’ Specialised Foreign Currency Accounts, and secondly, a stable PKR currency, which encouraged IT companies to repatriate their foreign income and deposit it in local accounts,” said Topline Securities Research.
Published in The Express Tribune, April 23rd, 2024.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation