Remittances and exports rise in first seven months of fiscal year
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Pakistan recorded an increase in remittances, exports, and imports during the first seven months of the current fiscal year, according to the Ministry of Finance's monthly economic outlook report, Express News reported on Thursday.
The report said remittances rose by 25.2% from July to January, while exports climbed by 9.7% and imports by 16.8%.
The current account showed a surplus of over $680 million during the period.
Foreign exchange reserves held by the State Bank of Pakistan increased from $8 billion to over $11.2 billion, while the rupee remained stable.
The Federal Board of Revenue's (FBR) tax collection grew by 26.2% in the first six months, with non-tax revenue rising by 82%. The fiscal deficit fell by 36.1% during the same period.
Inflation dropped from 28.7% to 6.5% over seven months, the report added, while more than 63,000 Pakistanis went abroad for employment in January.
IT sector eyes $25m in exports to Qatar
Moreover, Pakistan's IT exporters plan to increase the export of IT and IT-enabled services to Qatar, a key potential market, to $25 million in the next few years.
In collaboration with the Ministry of IT and Telecommunication (MoITT), the Pakistan Software Export Board (PSEB), and the Special Investment Facilitation Council (SIFC), IT exporters are working on aggressive strategic expansion plans in both traditional and emerging markets with cutting-edge products and services.
As part of this initiative, a delegation of 10 IT companies with over 30 delegates is attending Web Summit Qatar 2025, one of the world's leading technology conferences. The delegation is showcasing Pakistan's dynamic IT and tech innovation landscape at a dedicated Pakistan Pavilion.
Pakistan Software Houses Association (P@SHA) Senior Vice Chairman Umair Nizam said that Qatar's significant market is now opening up for Pakistani IT companies in a meaningful way due to the strides of Pakistan's IT industry, backed by the SIFC, PSEB, and MoITT.
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Through tech diplomacy, participation in international trade fairs, and targeted digital campaigns, Pakistan can build a stronger international presence. Cities like Lahore, Islamabad, and Karachi can be strategically branded as emerging tech hubs, much like how Bengaluru (Bangalore)became synonymous with India's IT success. BRR: Pakistan's IT sector contributes over $2.6 billion in exports. What's your vision for scaling this figure to, say, $5 or $10 billion? MFN: Reaching $5–10 billion in IT exports is an ambitious yet entirely achievable goal—provided we shift our focus from isolated company success to building a thriving ecosystem. A key first step is the large-scale training and deployment of digital professionals. The government, in collaboration with industry and academia, must commit to a national mission of training one million digital professionals by 2030. This workforce should include developers, UI/UX designers, data analysts, AI experts, and cybersecurity specialists to meet both domestic and global demand. The startup ecosystem in Pakistan also needs strategic nurturing. Although the country has a strong entrepreneurial spirit, many startups face difficulties in securing funding and achieving scale. The government can play a catalytic role by supporting incubators, offering seed grants, and setting up regulatory sandboxes in areas like fintech, health tech, and agritech. These initiatives would enable startups to test innovations and grow with reduced risk. In addition to services, the focus should shift toward product-based exports, particularly Software as a Service (SaaS) offering. Products offer greater scalability and long-term revenue potential. A subscription-based model—such as a $50/month SaaS product—can generate recurring global income, far surpassing the returns of project-based services. Digitizing traditional sectors like agriculture, manufacturing, logistics, and healthcare is another critical step. Doing so not only modernizes domestic industries but also creates local demand for tech solutions, allowing companies to refine and scale products before targeting export markets. These use cases can serve as launchpads for global expansion. Finally, forging strategic global alliances can unlock untapped markets. Pakistan should proactively engage in trade missions, joint ventures, and bilateral IT agreements with regions such as the Gulf, Africa, and Central Asia. These areas offer high potential for affordable and quality IT services and can serve as alternatives to the saturated Western markets. If the public and private sectors align under a unified national strategy, scaling IT exports to $10 billion within the next five years is not just a dream—it is an attainable milestone.
