KARACHI – Pakistan achieved $582 Million Current Account Surplus for fifth consecutive month, marking major 109pc increase.
Data shared by State Bank of Pakistan said current account showed surplus of $582 million last month marking over 100pc increase compared to the $279 million surplus recorded in the same month last year.
The development shows positive shift in country’s economic position as exprtys linked it with increased remittances and an improved trade balance. The current account surplus is said to be crucial as the country with $350 economy faces challenges with foreign exchange reserves and its reliance on imports.
For November 2024, the surplus was initially reported at $729 million but was revised downward to $684 million by the SBP. For the unversed, in the first half of the fiscal year 2025 (1HFY25), the current account surplus hovered at $1.21 billion, a sharp contrast to the $1.397 billion deficit recorded during the same period last year.
Amid positive indicators, the country’s exports of goods and services reached $3.838 billion in December 2024, an increase of nearly 9% compared to $3.53 billion in December 2023. Remittances saw a notable rise, reaching $3.079 billion, up by 29% from the previous year.
In first half of FY25, total exports amounted to $20.28 billion, while imports totaled $33.38 billion. Worker remittances in this period increased by 33%, reaching $17.85 billion, compared to $13.44 billion in the same period last year.
State Bank of Pakistan’s foreign reserves increase by $30 million
