Pakistan's current account of August 2024 stands surplus

KARACHI: Pakistan has recorded $75 million current account surplus in August 2024, as per the latest data shared by the State Bank of Pakistan (SBP).

In August 2023 Pakistan had recorded $161 million current account deficit, according to the central bank data.

The current account deficit in July and August this year standing at $171 million, which was $939 million in previous fiscal year during the same period.

Experts said that the main reason of the current account surplus has been 40% increase in remittances.

Pakistan has received US$ 2.9 billion overseas remittances in the month of August, economists said.

During July, total exports rose by 11.3% YoY to $3.01bn compared to $2.71bn in the same month of last year. While it fell 2.2% as against the exports of $3.08bn in the previous month.

Total imports rose 12.2% YoY to $5.6bn as compared to the imports worth $4.99bn recorded in July of last year. Compared to the previous month, imports fell by 1.3%.