Pakistan attains highest current account surplus in 10 years

KARACHI: Pakistan posted its fourth consecutive current account surplus of $729 million in November, the highest since 2015, State Bank of Pakistan (SBP) revealed on Tuesday.

The latest data showed that the surplus for the five five months of the current fiscal year (July-Nov FY25) reached $944 million, compared to a deficit of $1.676 billion in the last fiscal year’s equivalent period.

The month-on-month rise was attributed to a reduction in the trade deficit, which decreased by 14% month-on-month to $1.361 billion, while the services deficit fell by 43% to $152 million.

Additionally, the primary deficit dropped by 7% on a monthly basis to $843 million in November. Goods imports decreased by 10% to $4.136 billion, while services imports fell by 13% to $828 million.

Prime Minister Shehbaz Sharif expressed satisfaction over achieving a record current account surplus in November.

“For the first time in 10 years, Pakistan’s current account surplus reaching US$729 million in November 2024 is extremely encouraging for the national economy,” the prime minister said in a press statement issued by the PM’s Office.

The premeir highlighted that cut in the policy rate by the State Bank of Pakistan (SBP), gradual decline in inflation rate and increase in the current account surplus were clear evidence of the government’s positive economic policies.

“Pakistan’s position in the international economic market will strengthen with record increase in the current account surplus,” the prime minister added.

He noted that the increase in current account surplus would also increase the local and foreign investor’s confidence in Pakistan’s economy.

— Additional information from Associated Press of Pakistan (APP)