This figure surpasses the 12-month average of $317m, highlighting the sector’s growth.
Sani Irfan of Topline Securities noted that export proceeds per day for July stood at $15.4m, compared to $17.8m in June. The overall increase was largely driven by the growth in computer services, which rose 10pc MoM to $311m. Software consultancy exports, in particular, saw a notable increase, growing to $104m in July from $96m in June.
Irfan attributed the YoY growth to various factors, including the expansion of IT companies’ client bases globally, especially in the GCC region. She also highlighted the relaxation in the permissible retention limit by the State Bank of Pakistan (SBP), which increased from 35pc to 50pc in Exporters’ Specialized Foreign Currency Accounts.
The allowance for equity investment abroad using these accounts and the stability of the Pakistani rupee encouraged IT exporters to bring a higher portion of their profits back to Pakistan.
A survey by the Pakistan Software Houses Association (P@SHA) revealed that 62pc of IT companies maintain specialised foreign currency accounts.
The introduction of the Equity Investment Abroad (EIA) scheme by the SBP, which allows IT exporters to acquire foreign equity using up to 50pc of proceeds from these accounts, has further boosted confidence in remitting export proceeds.
Net IT exports, which reflect exports minus imports, totalled $317m in July, marking a 26pc YoY increase and a 4pc MoM rise.