Pakistan post $349 Million current account surplus in October 2024

KARACHI: Pakistan’s current account posted a surplus of $349 million in October for the third consecutive month driven by growth in remittances and exports, the latest data issued by the State Bank of Pakistan (SBP) revealed today.

In the same month of the previous fiscal year, the current account posted a deficit of $287 million. The gap in the current account, the broadest measure of trade and investment, showed a surplus of $86m for only last month.

During October, the country’s total exports amounted to $3.71 billion as 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 clocked at $4.608 billion, an increase of 6.9%, during October 2024, a small increase of 5 per cent on a yearly basis, SBP data showed. The imports worth $5.2 billion were recorded in October of last year.

Accordingly, the trade deficit in goods and services fell 1.2% from a year ago to $1.85 billion. On a monthly basis, it narrowed to 20.4%.

Worker remittances amounted to $3.052 billion, an increase of 24 percent as compared to the previous year, the central bank’s data revealed.

In the first four months of FY2024-25, the country’s total export of goods amounted to $10.508 billion. Imports clocked in at $18.832 billion during the period, according to SBP data.