KARACHI: Despite internet disruptions and firewall issues, Pakistan`s IT exports rose 35 per cent to $1.21bn during JulyOctober 2024-25.

Nasheed Malik of Topline Securities said exports have risen due to IT export companies` growing client base globally, especially in the Gulf Cooperation Council (GCC) region, relaxation in the permissible retention limit increasing it from 35pc to 50pc in the Exporters` Specialised Foreign Currency Accounts, and exchange rate stability encouraged IT exporters to bring a higher portion of profits back to Pakistan.

IT exports surged 39pc year-on-year and 13pc month-on-month to $330m in October.

These monthly IT exports in October 2024 are higher than last 12-month average of $287mn. This is the 13th consecutive month of YoY IT export growth, starting from October 2023, he said.

He said the MoM increase in IT exports is due to a higher number of worl(ing days in October (23) compared to September (20).

Export proceeds per day were recorded at $14.3mn for October 2024 versus $14.6mn in September 2024.

Pakistani IT companies are actively engaged with global clients. He added that leading IT companies recently attended Oslo Innovation Week 2024 and the Pak-US Tech Investment Conference.

According to a Pakistan Software Houses Association (P@SHA) survey, 62pc of IT companies maintain specialised foreign currency accounts.

Nasheed said a major development in FY25 was SBP adding a new category of Equity Investment Abroad (EIA), specifically for export-oriented IT companies. IT exporters can now acquire interest (shareholding) in entities abroad utilising up to 50pc proceeds from specialised foreign currency accounts.