Pakistan Current Account Surplus Driven by Exports & Remittances
Pakistan’s current account has posted a surplus for the third consecutive month driven by robust growth in remittances and exports.
The current account posted a deficit of $287 million in October 2023, the SBP reported.
In the first four months of the previous fiscal year, the current account deficit stood at $1.528 billion, highlighting a notable improvement in the country’s external financial position.
During October, total exports rose by 11.5% to $3.71bn compared to $3.33bn in the same month of last year. While it rose 12.6% as against the exports of $3.3bn in the previous month.
Pakistani rupee loses strength against US dollar
Total imports rose 6.9% to $5.56bn as compared to the imports worth $5.2bn recorded in October of last year. Compared to the previous month, imports fell 1.0%.
Accordingly, the trade deficit in goods and services fell 1.2% from a year ago to $1.85bn. Every month, it narrowed 20.4%.
Cumulatively, the trade deficit in 4MFY25 was recorded at $9.32bn, a rise of 15.0% when compared to the deficit of $8.1bn in 4MFY24.
During the first 4 months of the current fiscal year, exports rose 8.5% to $13.11bn compared to $12.08bn in the same period last year.
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