Pakistan posts $349m surplus in Oct 2024

The State Bank of Pakistan (SBP) reported that in October 2024, Pakistan’s current account had a $349 million surplus, its third consecutive month in positive territory.

Pakistan’s current account showed significant improvement in October, posting a surplus of $349 million. This is a sharp contrast to the $287 million deficit in October 2023.

For the first four months of FY25 (July-October), the country recorded a cumulative surplus of $218 million, a marked recovery from the $1.53 billion deficit during the same period last year.

Exports also saw an upward trend in October, rising by 11.5% year-on-year to reach $3.71 billion, up from $3.33 billion in October 2023. Month-on-month, exports grew by 12.6% compared to September.

Imports in October increased by 6.9% year-on-year to $5.56 billion, but showed a slight decline of 1.0% compared to September.

For 4MFY25, total exports were up by 8.5%, reaching $13.11 billion, while imports rose by 11.1% to $22.43 billion.

Remittances also grew by 24% year-on-year in October, reaching $3.05 billion, up from $2.46 billion last year.

Cumulative remittances for FY25’s first four months totaled $11.85 billion, marking a 35% increase from last year.