In a significant economic development, Pakistan’s current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of surplus, according to data released by the State Bank of Pakistan (SBP) on Monday. This is a notable improvement from a deficit of $287 million in the same month last year.
For the first four months of the current fiscal year (4MFY25), Pakistan’s current account has achieved a surplus of $218 million, a stark contrast to the $1.528 billion deficit recorded during the same period in the previous fiscal year.
Topline Securities attributes this positive trend to a robust growth in remittances, which increased by 7 percent month-on-month and 24 percent year-on-year.
In October 2024, the country’s total exports of goods rose to $3.022 billion, reflecting an 11 percent increase compared to $2.719 billion in October 2023. Meanwhile, imports saw a modest rise of 5 percent year-on-year, reaching $4.608 billion.
Worker remittances in October 2024 surged to $3.052 billion, marking a 24 percent increase from the previous year.
During the first four months of FY25, Pakistan’s total exports amounted to $10.508 billion, while imports totaled $18.832 billion. Worker remittances during this period reached $11.850 billion, representing a nearly 35 percent increase compared to the same period last year.
