Islamabad, Nov 18: Pakistan’s Current Account Surplus Hits $349 Million in October 2024
Pakistan’s current account recorded a surplus of $349 million in October 2024, marking its third consecutive monthly surplus. This contrasts with a deficit of $287 million in October 2023, according to data released by the State Bank of Pakistan (SBP) on Monday.
The current account surplus in the first four months of the fiscal year (4MFY25) stands at $218 million, a significant turnaround from the $1.528 billion deficit during the same period last year. The surplus is largely driven by a 7% month-on-month (MoM) growth in remittances and a 24% year-on-year (YoY) increase in inflows.
In October 2024, Pakistan’s goods exports totaled $3.022 billion, an 11% increase from $2.719 billion in October 2023. Imports for the same month amounted to $4.608 billion, reflecting a modest 5% year-on-year rise.
Worker remittances surged to $3.052 billion in October 2024, up 24% from the previous year. For the first four months of the fiscal year, remittances totaled $11.850 billion, marking a nearly 35% increase compared to the same period last year.
The country’s goods exports in the first four months of FY25 reached $10.508 billion, while imports totaled $18.832 billion, as per the SBP data.
