According to figures provided by the State Bank of Pakistan (SBP) on Wednesday, Pakistan’s current account surplus was $75 million in August 2024, up from a loss of $152 million in the same month of the fiscal year prior.
The increase in the current account is attributable to remittances, which totaled $2.9 billion, up 40% year on year. Remittances are up 44% year on year in 2MFY25, according to brokerage Topline Securities.
The current account deficit was previously predicted to be $162 million in July 2024, however the SBP updated it today to $246 million.
This reduces Pakistan’s current account deficit in the initial two months of this fiscal year (2MFY25) to $171 million, which is 81% less than the deficit of $893 million in the same time the previous fiscal year.
In August 2024, the country’s overall export of goods and services was $3.108 billion, up roughly 1% from $3.081 billion in the same month the previous year.
Meanwhile, imports were $5.62 billion in August 2024, up nearly 10% year on year, according to SBP statistics.
Worker remittances totaled $2.943 billion, a 40% increase over the previous year.
