Pakistan's current account records $270m deficit in May

News Image

MG News | June 21, 2024 at 04:55 PM GMT+05:00

0:00

June 22, 2024 (MLN): Pakistan has recorded a current account deficit of $270 million largely due to a significant increase in primary income deficit, the latest data issued by the State Bank of Pakistan (SBP) revealed today.

Last month, the country recorded a current account surplus of $499m, while in May, 2023 the current account surplus stood at $155m.

On a cumulative basis, the current account deficit in 11MFY24 was recorded at $464m, showing an improvement of 87.7% YoY when compared to the deficit of $3.77bn in 11MFY23.

During May, the country recorded a primary income deficit of $1.43bn, led by the highest ever monthly outflow of $1.5bn in the primary income account.

Meanwhile, total exports during May rose by 15.4% YoY to $3.7bn compared to $3.2bn in the same month of last year. While it rose 12.7% as against the exports of $3.28bn in the previous month.

Total imports rose 25.3% YoY to $5.93bn as compared to the imports worth $4.73bn recorded in May of last year. Compared to the previous month, imports rose 12.2%.

Accordingly, the trade deficit in goods and services rose 45.9% YoY to $2.23bn. On a monthly basis, it widened 11.4%.

Cumulatively, the trade deficit in 11MFY24 was recorded at $21.82bn, a drop of 11.4% YoY when compared to the deficit of $24.64bn in 11MFY23.

During the first 11 months of current fiscal year, exports rose 9.3% YoY to $35.81bn compared to $32.77bn in the same period last year.

Imports rose 0.4% YoY to $57.63bn in 11MFY24 compared to $57.41bn in the same period last year.

The data further details that the workers' remittances in May increased by 54.2% YoY to $3.24bn as against $2.1bn in May 2023; while on a monthly basis, the remittances went up by 15.3% MoM as compared to $2.81bn in the previous month.

Cumulatively in 11MFY24, workers' remittances were recorded at $27.09bn as compared to $25.15bn in 11MFY23, depicting a rise of 7.7% YoY.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,702.66
239.03M
1.70%
2322.69
ALLSHR 85,759.68
616.78M
1.31%
1111.33
KSE30 42,339.16
83.29M
1.91%
792.93
KMI30 195,132.82
87.04M
1.78%
3413.06
KMIALLSHR 56,410.60
357.62M
1.04%
582.86
BKTi 38,516.75
12.46M
1.82%
689.14
OGTi 27,777.44
11.22M
0.39%
106.77
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,870.00 119,915.00
118,035.00
-760.00
-0.64%
BRENT CRUDE 68.35 69.01
68.27
-0.17
-0.25%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
0.95
0.99%
ROTTERDAM COAL MONTHLY 104.50 0.00
0.00
-0.65
-0.62%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.37 66.99
66.29
-0.01
-0.02%
SUGAR #11 WORLD 16.80 16.84
16.54
0.24
1.45%

Chart of the Day


Latest News
July 17, 2025 at 01:47 PM GMT+05:00

OMO Result: SBP injects over Rs902bn


July 17, 2025 at 01:03 PM GMT+05:00

Global value chains drove growth in developing nations


July 17, 2025 at 12:46 PM GMT+05:00

Donald Trump to land in Pakistan on September 18



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg