Pakistan records current account surplus of $654mn in March

April 19, 2023 (MLN): Pakistan's Current Account Balance (CAB) recorded a $654 million surplus in March 2023 against a deficit of $36 million in February 2023.

Within 9MFY23, the current account deficit reduced to $3.4bn compared to the deficit of $13bn in the same period last year. 

The trade deficit in goods narrowed by around 48.6% YoY and 9.28% MoM to $1.56bn in March 2023 as the import of goods declined by 35% YoY while on monthly basis, the import bill remained relatively flat at $3.99bn.

Meanwhile, the trade balance in services also remained negative, down by 92% YoY to clock in at $32mn.

Last time in January 2023, the trade balance in services witnessed a surplus of $18mn.

Furthermore, the worker’s remittances fell by 11% YoY while on monthly basis, the remittances increased by 27% MoM to $2.5bn.

On a cumulative basis during 9MFY23, remittances by overseas Pakistanis moved down by 11% YoY to $20.5bn from $23bn recorded in the same period last year. 

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