Pakistan’s Current Account Posts $119 Million Surplus in September 2024

Pakistan’s current account posted a surplus of $119 million in September 2024 compared to a deficit of $218 million in the same month of the previous fiscal year, data released by the State Bank of Pakistan (SBP) on Monday showed. This takes Pakistan’s current account deficit in the first three months of the current fiscal year (3MFY25) to $98 million, an amount that is a massive 92 percent lower than the deficit of $1,241 million in the same period of the previous fiscal year. According to Arif Habib Limited, it is the lowest quarterly deficit after September 2020. In September 2024, the country’s total export of goods amounted to $2.645 billion, up 8 percent as compared to $2.438 billion in the same month of the previous year. Imports clocked in at $4.69 billion during September 2024, a jump of nearly 19 percent on a yearly basis, according to SBP data. Worker remittances clocked in at $2.849 billion, an increase of 29 percent as compared to the previous year. In 3MFY25, the country’s total export of goods amounted to $6.95 billion. Whereas, imports clocked in at $12.28 billion during the period, according to SBP data. The country’s worker remittances clocked in at $8.78 billion during 3MFY25, an increase of nearly 39 percent as compared to SPLY.