ISLAMABAD, Jun 10 (NNN-APP) – Pakistan’s exports rose by seven percent in the outgoing fiscal year, reaching 26.9 billion U.S. dollars, supported by strong performance in the country’s Information Technology (IT) sector, the Pakistan Economic Survey 2024-25 showed, yesterday.
The survey, unveiled by Finance Minister, Muhammad Aurangzeb, highlighted the significant contribution of the IT and IT-enabled services (ITeS) sector, which posted a 23.7 percent year-on-year increase in exports, during July to March, amounting to 2.825 billion dollars.
Aurangzeb noted that, freelancers earned around 400 million dollars during the fiscal year, reflecting the growing role of the digital gig economy, in driving export growth.
The IT and ITeS sector generated a trade surplus of 2.4 billion dollars, the highest among all service industries, offering a timely boost to the external sector amid broader economic adjustments.
“Pakistan’s IT sector has the potential to be a game-changer in addressing external imbalances,” said Aurangzeb, adding that, the government aims to support the industry through targeted reforms and incentives.
Pakistan’s imports increased by 11.7 percent to 48.3 billion dollars, during the FY24-25, driven mainly by higher machinery imports, up by 16.5 percent, and transport equipment, up 26 percent.
As part of broader efforts to boost the service sector’s contribution to the economy, the government is expected to unveil a new digital export strategy later this year.– NNN-APP
