Pakistan’s current account recorded a surplus of $491 million in April 2024, up from a revised surplus of $434 million in March 2024, according to data released by the State Bank of Pakistan (SBP).
For the first 10 months of the fiscal year, the current account balance showed a deficit of $202 million, significantly lower than the $3.92 billion deficit in the same period the previous year.
In April 2024, Pakistan’s exports of goods and services were recorded $3.28 billion, while imports were $5.28 billion. Remittances for the month amounted to $2.81 billion.
During the first 10 months of the fiscal year, the country’s total exports of goods and services reached over $32.1 billion, and imports stood at $51.7 billion.
Worker remittances totaled $23.85 billion, a 4% increase compared to the same period last year.
The current account is crucial for Pakistan, which relies heavily on imports. A widening deficit pressures the exchange rate and depletes foreign exchange reserves.
Pakistan is currently negotiating with the International Monetary Fund (IMF) for a new extended bailout to bolster its foreign exchange reserves, which currently stand at $14.62 billion.
