Pakistan’s Current Account Posts $349 Million Surplus in October 2024

Pakistan’s current account posted a third consecutive monthly surplus of $349 million in October 2024 compared to a deficit of $287 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 in the first four months of the current fiscal year (4MFY25) to a surplus of $218 million, compared to a deficit of $1.528 billion in the same period of the previous fiscal year. According to Topline Securities, this surplus is recorded on the back of higher remittances growth of 7 percent MoM and 24 percent YoY. In October 2024, the country’s total export of goods amounted to $3.022 billion, up 11 percent as compared to $2.719 billion in the same month of the previous year. Imports clocked in at $4.608 billion during October 2024, a small increase of 5 percent on a yearly basis, according to SBP data. Worker remittances clocked in at $3.052 billion, an increase of 24 percent as compared to the previous year. In 4MFY25, the country’s total export of goods amounted to $10.508 billion. Imports clocked in at $18.832 billion during the period, according to SBP data. The country’s worker remittances clocked in at $11.850 billion during 4MFY25, an increase of nearly 35 percent as compared to SPLY.