November 2023 witnessed a shift in the country’s current account, marking a surplus of $9 million, a substantial change from the $157 million deficit recorded in the corresponding period last year and the $164 million deficit noted in October 2023.
Arif Habib Limited reports this as the first surplus recorded since June 2023, signifying a positive turn in the economic landscape.
Data released by the State Bank of Pakistan (SBP) reveals a notable reduction in the cumulative current account deficit (CAD), which amounted to $1.16 billion in July-November FY24, a significant decline from the $3.26 billion deficit in July-November FY23.
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In November 2023, the country’s total exports reached $2.73 billion, marking a 22% year-on-year increase but reflecting a 1% decline month-on-month. Conversely, imports totaled $4.45 billion, indicating a 3% year-on-year rise and a 2% month-on-month increase.
Workers’ remittances sent by overseas Pakistanis totaled $2.25 billion in November 2023, showcasing a 4% improvement over the same period last year but a 9% decline compared to October 2023.
Current Account Deficit improved significantly to $1.16 billion in Jul-Nov FY24, from $3.26 billion in Jul-Nov FY23.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/MpkC0gTj4l
— SBP (@StateBank_Pak) December 18, 2023
For the first five months of the current fiscal year (5MFY24), the current account deficit stood at $1.16 billion, marking a substantial 64% decrease from the $3.26 billion deficit recorded in the corresponding period of the previous year.
