The State Bank of Pakistan (SBP) announced figures on Monday that showed Pakistan’s current account achieved a surplus of $119 million in September 2024, compared to a loss of $218 million in the same month of the previous fiscal year.
“This is the largest surplus since April 2024,” a notice from Arif Habib Limited (AHL) stated.
The current account surplus for the current fiscal year (FY25) is also the second in a row.
According to the SBP’s most recent figures, the current account surplus is $29 million instead of the $75 million that was first published in August 2024.
Compared to the $1.241 billion deficit in the same time of the previous fiscal year, Pakistan’s current account deficit for the first three months of the current fiscal year (3MFY25) is now $98 million, a staggering 92% reduction.
Compared to $2.999 billion in the same month last year, the nation’s overall exports of goods and services in September 2024 were $3.302 billion, an increase of more than 10%.
According to SBP data, imports were $5.574 billion in September 2024, representing a roughly 15% annual increase.
Remittances from workers totaled $2.849 billion, a 29% increase over the prior year.
High inflation and slow economic development have reduced Pakistan’s current account deficit, and rising exports have also aided in this effort. The authorities’ goal of a smaller current account deficit has also been facilitated by a high interest rate and some import restrictions.
The nation exported $9.40 billion worth of goods and services in 3MFY25. In contrast, SBP data shows that imports totaled $16.83 billion during that time.
