Current account posts $729m surplus in Nov

December 17, 2024 (MLN): Pakistan's current account has posted a surplus of $729 million in November- the fourth consecutive surplus in a row, the latest data issued by the State Bank of Pakistan (SBP) revealed today.

Last month, the country recorded a current account surplus of $346m, while in November 2023 the current account deficit stood at $148m.

On a cumulative basis, the current account surplus in 5MFY25 was recorded at $944m, showing an increase of 156.3% when compared to the deficit of $1.68bn in 5MFY24.

During November, total exports rose by 3.7% to $3.45bn compared to $3.33bn in the same month of last year. While it fell 7.0% as against the exports of $3.71bn in the previous month.

Total imports fell 6.8% to $4.96bn as compared to the imports worth $5.32bn recorded in November of last year. Compared to the previous month, imports fell 10.8%.

Accordingly, the trade deficit in goods and services fell 24.2% from a year ago to $1.51bn. On a monthly basis, it narrowed 18.4%.

Cumulatively, the trade deficit in 5MFY25 was recorded at $10.84bn, a rise of 7.3% when compared to the deficit of $10.1bn in 5MFY24.

During the first 5 months of current fiscal year, exports rose 7.5% to $16.56bn compared to $15.41bn in the same period last year.

Imports rose 7.4% to $27.4bn in 5MFY25 compared to $25.51bn in the same period last year.

The data further details that the workers' remittances in November increased by 29.0% to $2.92bn as against $2.26bn in November 2023; while on a monthly basis, the remittances went down by 4.6% as compared to $3.06bn in the previous month.

Cumulatively in 5MFY25, workers' remittances were recorded at $14.77bn as compared to $11.05bn in 5MFY24, depicting a rise of 33.6%.

Copyright Mettis Link News