Current account posts $119m surplus in Sep

October 21, 2024 (MLN): Pakistan has recorded a current account surplus of $119 million in September 2024, the latest data issued by the State Bank of Pakistan (SBP) revealed today.

Last month, the country recorded a current account surplus of $29m, while in September 2023 the current account deficit stood at $218m.

On a cumulative basis, the current account deficit in 3MFY25 was recorded at $98m, showing an improvement of 92.1% when compared to the deficit of $1.24bn in 3MFY24.

During September, total exports rose by 10.1% to $3.3bn compared to $3bn in the same month of last year. While it rose 6.7% as against the exports of $3.09bn in the previous month.

Total imports rose 15.0% to $5.57bn as compared to the imports worth $4.85bn recorded in September of last year. Compared to the previous month, imports fell 0.6%.

Accordingly, the trade deficit in goods and services rose 22.9% from a year ago to $2.27bn. On a monthly basis, it narrowed 9.6%.

Cumulatively, the trade deficit in 3MFY25 was recorded at $7.42bn, a rise of 19.1% when compared to the deficit of $6.23bn in 3MFY24.

During the first 3 months of current fiscal year, exports rose 7.4% to $9.4bn compared to $8.75bn in the same period last year.

Imports rose 12.3% to $16.83bn in 3MFY25 compared to $14.98bn in the same period last year.

The data further details that the workers' remittances in September increased by 29.0% to $2.85bn as against $2.21bn in September 2023; while on a monthly basis, the remittances went down by 3.2% as compared to $2.94bn in the previous month.

Cumulatively in 3MFY25, workers' remittances were recorded at $8.79bn as compared to $6.33bn in 3MFY24, depicting a rise of 38.8%.

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