Islamabad, Oct 21: Pakistan’s Current Account Reports $119 Million Surplus for September 2024. According to figures provided by the State Bank of Pakistan (SBP) on Monday, Pakistan’s current account reported a surplus of $119 million in September 2024 as opposed to a loss of $218 million in the same month of the previous fiscal year.
Compared to the deficit of $1,241 million in the same time of the previous fiscal year, Pakistan’s current account deficit for the first three months of the current fiscal year (3MFY25) is now $98 million, a staggering 92% reduction. It is the lowest quarterly deficit since September 2020, claims Arif Habib Limited.
The nation’s total goods exports in September 2024 was $2.645 billion, an 8% increase over $2.438 billion in the same month the year before. According to SBP data, imports were $4.69 billion in September 2024, representing an almost 19 percent increase on an annual basis.
The total amount of worker remittances was $2.849 billion, a 29% increase over the prior year.The nation exported $6.95 billion worth of commodities in 3MFY25. In contrast, SBP data shows that imports totaled $12.28 billion during that time.
Exports for the month of September stood 12% up from the preceding month due to government incentives that sought to spur industrial growth. Moreover, private transfer also referred to as remittances rose by 5% to play an essential role in the current account.
This is a good omen for Pakistan say economists as it bodes well for the future of economy adding more over the foreign investment stability. But they noted that sustaining this surplus will demand further improvements in export competitiveness and regulation of import expenses.In comparison to SPLY, the nation’s worker remittances increased by almost 39% to $8.78 billion in 3MFY25.
