KARACHI: Pakistan’s current account recorded a surplus of $349 million in October 2024, marking the third consecutive month of positive growth, according to the State Bank of Pakistan (SBP).
This improvement is attributed to strong performances in remittances and exports. In contrast, the country posted a $287 million deficit in the same month last year, highlighting a significant shift in its external financial position.
For the first four months of the previous fiscal year (FY24), Pakistan’s current account deficit stood at $1.528 billion, further underscoring the country’s progress in reducing its external gap.
In October, total exports increased by 11.5%, reaching $3.71 billion compared to $3.33 billion in October 2023, and grew 12.6% from $3.3 billion in September 2024. On the other hand, imports rose by 6.9% year-on-year, totaling $5.56 billion, although they decreased by 1.0% compared to the previous month.
As a result, the trade deficit in goods and services shrank by 1.2% compared to October 2023, totaling $1.85 billion, and narrowed by 20.4% month-on-month.
Over the first four months of FY25, the cumulative trade deficit stood at $9.32 billion, a 15.0% increase from the $8.1 billion deficit recorded during the same period last year.
Exports during the first four months of FY25 grew by 8.5%, reaching $13.11 billion, compared to $12.08 billion in the same period last year.
