Pakistan Records Highest Current Account Surplus After 5 Months

The country’s current account posted a surplus of $0.397 billion in December 2023, compared to a deficit of $0.365 billion in the same period last year and a deficit of $15 million in November 2023. According to Topline Securities, this is the highest surplus after five months. According to data released by the State Bank of Pakistan (SBP), cumulatively the current account deficit (CAD) reduced to $0.83 billion in July-December FY24 against a deficit of $3.63 billion in July-December FY23. The country’s total exports in December 2023 stood at $2.79 billion, up 21 percent YoY and 3 percent on a month-on-month (MoM) basis. On the other hand, imports stood at $4.09 billion, down 4 percent YoY and 8 percent MoM. Workers’ Remittances sent by overseas Pakistanis stood at $2.38 billion in December 2023, an improvement of 13 percent over SPLY and 5 percent compared to November 2023. The current account deficit for the first six months of the current fiscal year (6MFY24) stood at $0.831 billion, down 77 percent compared to a deficit of $3.629 billion recorded in the same period last year.