Pakistan Posts Current Account Surplus of USD 99 Million in October

November 18, 2019 (MLN): Pakistan’s current account balance in October turned positive as the country posted a surplus of USD 99 million against a deficit of USD 1.28 billion in October 2018.

According to data released by the State Bank of Pakistan, the Current account deficit for July-Oct was USD 1.474 billion compared to a deficit of USD 5.567 during the corresponding period from last year, showing a decline of 73.5 percent.

Total Balance of trade in Goods & Services for July-Oct 2019 showed a deficit of USD 7.804 Billion compared to a deficit of USD 12.43 Billion from last year. While the deficit for the month of Oct 2019 came in at USD 1.582 billion compared to USD 2.972 billion from Oct 2018.

Balance of trade in Goods in goods in Oct was a deficit of USD 1.415 Billion compared to a deficit of USD 2.681 Billion in Oct 2018.

Exports of Goods increased by 7.28 percent to USD 2.21 Billion compared to USD 2.06 Billion from the corresponding period from last year.

Import of Goods decreased by 23.5 percent to USD 3.625 Billion compared to USD 4.741 Billion from Oct 2018.

Trade deficit in services for October 2019 was USD 167 million compared to USD 291 million from last year.

With the primary income also showing a negative balance of USD 588 Million, the Balance on Goods, Services and Primary Income showed a deficit of USD 2.170 Billion.

However, improved remittances of USD 2.001 billion helped bolster the Secondary Income Balance to USD 2.269 Billion, which resulted in the total Current Account showing a surplus of USD 99 Million.

 Copyright Mettis Link News