Pakistan has reported a current account surplus of $128 million, according to the latest data released by the State Bank of Pakistan (SBP) on Tuesday.
This comes as a significant turnaround from the previous month’s deficit of $303 million.
The SBP data further indicates a decrease in total exports by 5.80% month-on-month (MoM), amounting to $3.18 billion. However, there was a year-on-year (YoY) increase of 14.09% in exports.
Conversely, total imports experienced a 9.11% MoM decline, totaling $5.06 billion. Nevertheless, imports surged by 11.80% YoY, indicating sustained demand despite the monthly decrease.
Cumulatively, the current account deficit for the first eight months (July-Feb) of FY24 amounted to $999 million, showing an improvement of 74.02% YoY compared to the same period last fiscal year.
Regarding workers’ remittances, February witnessed a 6.17% MoM decrease to $2.25 billion, although there was a notable 13.07% YoY increase compared to the same period in 2023.
Cumulatively for the first eight months of FY24, remittances stood at $18.08 billion, showing a slight decrease of 1.22% YoY.
