Pakistan’s current account recorded a surplus of $119 million in September 2024, a significant turnaround from the $218 million deficit reported in the same month of the previous fiscal year, according to data released by the State Bank of Pakistan (SBP) on Monday.

This improvement has contributed to a substantial reduction in the current account deficit for the first quarter of the current fiscal year (3MFY25), which now stands at $98 million. This figure represents a dramatic 92% decrease from the $1,241 million deficit recorded during the same period last year. According to Arif Habib Limited, this marks the lowest quarterly deficit since September 2020.

In September 2024, Pakistan’s total exports of goods reached $2.645 billion, reflecting an 8% increase compared to $2.438 billion in September of the previous year. Meanwhile, imports rose to $4.69 billion, marking a nearly 19% increase year-on-year, as per SBP data.

Worker remittances also saw a significant boost, totaling $2.849 billion in September 2024, which is a 29% increase from the previous year.

For the first three months of FY25, the country’s total exports amounted to $6.95 billion, while imports were recorded at $12.28 billion. Worker remittances during this period reached $8.78 billion, showing a nearly 39% increase compared to the same period last year.