Current Account records surplus of $619m in March

ISLAMABAD: The current account has witnessed a surplus of $619 million during the month of March 2024, the State Bank of Pakistan (SBP) reported on Monday.

Cumulatively the current account balance for July to March (2023-24) has improved significantly; as deficit of $0.5 billion was recorded during the period as compared to the deficit of $4.1 billion during the corresponding period of last year, according latest SBP data.

“A current account surplus of $619 million has been recorded in Mar 2024. Cumulatively for Jul-Mar FY24, CAB improved significantly; recording a deficit of $0.5 billion only compared to $4.1 billion in Jul-Mar FY23,” said SBP.

According to SBP figures, the merchandize trade deficit during July-March (2023-24) was recorded at $-15,757 million as compared to the deficit of $21,079 million in July-March (2022-23).

Likewise, the services’ trade deficit was recorded at $-1,655 million during FY2023-24 compared to the deficit of $374 million during the corresponding period of last year.

The overall trade deficit in goods and services was recorded at $17,412 million during the current fiscal year compared to the deficit of $21,453 million during last year.

Meanwhile, the balance on primary income stood at negative 5,561 million against $4,000 million last year, according to the SBP data.