Current Account Turns from Deficit to Surplus After 4 Months

The country’s current account posted a surplus of $9 million in November 2023, compared to a deficit of $157 million in the same period last year and a deficit of $164 million in October 2023. According to Arif Habib Limited, this is the first time since June 2023 that the country has posted a surplus. According to data released by the State Bank of Pakistan (SBP), cumulatively the current account deficit (CAD) reduced to $1.16 billion in July-November FY24 against a deficit of $3.26 billion in July-November FY23. The country’s total exports in November 2023 stood at $2.73 billion, up 22 percent YoY but down 1 percent on a month-on-month (MoM) basis. On the other hand, imports stood at $4.45 billion, up 3 percent YoY and 2 percent MoM. Workers’ Remittances sent by overseas Pakistanis stood at $2.25 billion in November 2023, an improvement of 4 percent over SPLY but down by 9 percent compared to October 2023. The current account deficit for the first five months of the current fiscal year (5MFY24) stood at $1.16 billion, down 64 percent compared to a deficit of $3.26 billion recorded in the same period last year.