Pakistan’s current account has recorded a surplus, while there has been a huge reduction in the country’s current account deficit on a half-yearly basis.
The development comes in the wake of an increase in income mainly through exports and remittances, and controlled expenses and imports.
Current account surplus of $0.40 billion has been recorded in Dec 2023. Cumulatively, current account deficit improved significantly to $0.83 billion in H1FY24 compared to 3.63 billion in H1 FY23.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/GWaRBApMoC
— SBP (@StateBank_Pak) January 17, 2024
As per the State Bank of Pakistan, the country’s current account deficit has also witnessed a big reduction on a six-monthly basis.
As per the central bank, in December 2023, Pakistan's current account was $400 million surplus. However, in December 2022, the country's current account was in a deficit of $355 million.
In the first six months of the current financial year, the current account faced a deficit of $830 million. In the same period last year, the amount was in deficit of $3.6 billion.
According to the State Bank, the country’s exports increased to $3.526 billion in December 2023 against $3.089 billion in December 2022, a hike of over 14%. Meanwhile, remittances were recorded at $2.38 billion in December, as compared to $2.1 billion in the same period last year.
Moreover, Pakistan's imports came down by 2% to $4.97bn in December against $4.98bn in the same period last year.
