Pakistan posts $349m current account surplus in October 2024

KARACHI: Pakistan’s current account balance showed a surplus of US$349 million in October 2024, ARY News reported on Monday, citing the State Bank of Pakistan (SBP).

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.

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. On a monthly basis, 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 current fiscal year, exports rose 8.5% to $13.11bn compared to $12.08bn in the same period last year.