Current Account Turns from Deficit to Surplus After 4 Months
In November 2023, the nation’s current account showed a $9 million surplus as opposed to a $157 million deficit during the same period the previous year and a $164 million loss in October 2023.
This is the first time the nation has reported a surplus since June 2023, according to Arif Habib Limited.
The State Bank of Pakistan (SBP) issued data showing that from July to November of FY24, the cumulative current account deficit (CAD) decreased to $1.16 billion from $3.26 billion in FY23.
Read More: Rupee Rises 2nd Day in a Row Against US Dollar After SBP Decision
In November 2023, the nation’s overall exports were $2.73 billion, up 22% year over year but 1% month over month (MoM). In contrast, imports, which increased by 2% MoM and 3% YoY, totaled $4.45 billion.
Workers’ remittances sent home by Pakistanis living abroad totaled $2.25 billion in November 2023, up 4% from SPLY but down 9% from October 2023.
In comparison to a deficit of $3.26 billion during the same period last year, the current account shortfall for the first 5 months of the present fiscal year (5MFY24) was $1.16 billion, a 64 percent decrease.
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