Pakistan reports current account surplus of $9mln in Nov 2023
- By Web Desk -
- Dec 18, 2023
ISLAMABAD: Pakistan’s current account posted a surplus of $9 million in November 2023, ARY News reported quoting the State Bank of Pakistan (SBP).
According to SBP data, the Current Account Deficit (CAD) was recorded at $775 million in July 2023 however, the CAD improved significantly over time and posted a surplus of $9 million in November 2023.
The SBP data indicates that CAD reportedly stood at $15.7 million in the last financial year.
The CAD of the first five months of the current fiscal year was also improved significantly recorded at $1.160 billion against the deficit of $3.264 billion in five months of the last financial year.
Current Account Deficit improved significantly to $1.16 billion in Jul-Nov FY24, from $3.26 billion in Jul-Nov FY23.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/MpkC0gTj4l
— SBP (@StateBank_Pak) December 18, 2023
Last month, the current account deficit for October 2023 widened significantly by 60.87 percent MoM to stand at $74 million compared to the deficit of $46 million in September 2023.
On a yearly basis, the current account deficit showed an improvement of 91 percent YoY, as the deficit stood at $849m in the same month last year.
Total exports rose by 10.47% MoM and 17.78% YoY to $3.42bn as compared to the total exports of $3.1bn in the previous month and $2.9bn in the same month of last year.
Total imports rose by 7.86% MoM to $5.17bn as compared to the imports worth $4.8bn recorded in September, while the imports showed a decline of 3.36% YoY when compared to the numbers of October of last year.