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Pakistan’s current account recorded a surplus of $729 million in November 2024, a significant improvement compared to a deficit of $148 million in the same month last year, according to data released by the State Bank of Pakistan (SBP) on Tuesday.
This marks the fourth consecutive month of a current account surplus. Cumulatively, Pakistan’s current account reached a surplus of $944 million in the first five months of the ongoing fiscal year (5MFY25), a stark contrast to the $1.676 billion deficit recorded during the same period of the previous fiscal year.
In November 2024, Pakistan’s total exports of goods and services rose to $3.451 billion, reflecting a 4% increase from $3.327 billion in November 2023. Meanwhile, imports dropped to $4.964 billion, showing a 7% decline on a yearly basis.
Workers’ remittances also saw a notable surge, reaching $2.915 billion, a 29% increase compared to the same month last year.
The narrowing of Pakistan’s current account deficit can be attributed to low economic growth, high inflation, and an increase in exports. Policymakers have also been aided by a previously high interest rate—though it has started to decline in recent months—and restrictions on imports, contributing to the surplus trend.
