Pakistan’s IT exports witnessed a decline in November 2024, marking the first drop after 13 straight months of consistent growth.
According to data from the State Bank of Pakistan, IT exports fell by $6 million compared to the previous month, reflecting a 2% month-on-month decline. Exports stood at $318 million in November, down from $324 million recorded in October.
Despite the monthly dip, the performance remained strong on a year-on-year basis, showcasing a 25% increase compared to November 2023. This indicates robust annual growth despite short-term fluctuations.
In the first five months of the current fiscal year, IT exports totaled $1.53 billion, marking a significant rise from $1.15 billion during the same period in the previous fiscal year. This impressive growth highlights the sector’s ongoing potential and contributions to Pakistan’s economy.
Industry experts, however, stress the need to address key challenges affecting export growth. While the long-term upward trend is encouraging, persistent issues such as policy reforms, improved infrastructure, and increased government support are critical to sustaining and accelerating growth.
Pakistan’s IT sector remains a key driver of economic progress, with the potential to attract foreign investment and generate employment opportunities. Experts advocate for targeted measures, including incentives for IT companies, skill development programs, and streamlined regulatory frameworks, to maintain momentum and overcome short-term setbacks.
Overall, while November’s decline signals the need for caution, the IT sector’s yearly upward trajectory offers hope for continued resilience and long-term stability.
