Pakistan Posts Highest-Ever Current Account Surplus in Nearly 10 Years in November 2024

Pakistan’s current account balance posted a surplus of $729 million in November 2024, according to data released by the State Bank of Pakistan (SBP) on Tuesday.  November’s surplus is the second highest-ever based-on data since July 2013 and the highest since February 2015, according to brokerage house Arif Habib Limited (AHL).   The current account balance posted a surplus of $246 million in the previous month i.e. October 2024 while the current account balance posted a deficit of $148 million in the same month of the previous fiscal year i.e. November 2023.  Also, after posting a slight deficit in July 2024, the current account has remained in green in each of the last four months i.e. August, September, October and now November.  The surplus has been driven by a 4 percent year-on-year increase in total exports, reaching $3.5 billion, alongside a 29 percent year-on-year uptick in remittances. Moreover, the total imports declined by 7 percent year-on-year during the month.  During the five months of the current fiscal year (5MFY25), the current account balance posted a surplus of $944 million, a significant improvement on the current account deficit of $1.67 billion posted during the same period of the previous fiscal year.