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Pakistan’s current account posts significant surplus of $397mn in December

  • Overall deficit during July-December FY24 stands at $831mn compared to $3.63bn in same period of FY23
Published January 17, 2024

Pakistan’s current account posted a significant surplus of $397 million in December 2023, in stark contrast to a deficit of $15 million recorded in November, revealed data released by the State Bank of Pakistan (SBP) on Wednesday.

The surplus comes amid an increase in the country’s exports and remittances, while imports posted a marginal decline.

Pakistan posted a current account deficit of $365 million in December 2022.

As per the central bank data, the country’s exports (goods and services) increased to $3.526 billion in December 2023 against $3.089 billion in December 2022, a jump of over 14%.

Meanwhile, the country’s remittances stood at $2.38 billion in December 2023, in comparison to $2.1 billion in the same month of the previous year, an increase of 13%.

Pakistan’s current account posts surplus of $9mn in November

On the other hand, total imports were down by 2% to $4.97 billion in December 2023 against $4.98 billion in the same period last year.

July-December

According to the SBP, Pakistan posted a current account deficit of $831 million in July-December of FY24 as compared to a deficit of $3.63 billion during the same month of last fiscal year (FY23), a massive decline of over $2.8 billion or 77%.

The central bank, in its latest Monetary Policy Committee (MPC) meeting held on December 12, noted a substantial improvement in the current account balance, as the deficit narrowed by 65.9% year-on-year to $1.1 billion during Jul-Oct FY24.

The current account is a key figure for cash-strapped Pakistan which relies heavily on imports to run its economy. A widening deficit puts pressure on the exchange rate and drains official foreign exchange reserves.

Comments

200 characters
Truthskr Jan 17, 2024 02:59pm
In a shrinking economy this is insignifiant.
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SAd Jan 17, 2024 07:24pm
This graph alone is enough to show the performance of ishaq dar and it's team contribution to save Pakistan. Care Taker took his policies as it is and reaping rewards
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Talha Jan 17, 2024 07:33pm
Geo
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KhanRA Jan 18, 2024 02:05pm
@SAd, To give Dar credit is nonsensical. The rupee is now devalued, making exports more attractive and imports less so. This is the exact opposite of what Dar wanted, which was an artificially strengthened rupee that drained Forex reserves, and which had the effect of subsidizing imports and penalizing exports. Literally the complete opposite of what is now happening. Dar’s nonsensical policies almost drove Pakistan into default. He deserves to be jailed, not praised.
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KhanRA Jan 18, 2024 02:05pm
@Truthskr, not shrinking, and it’s significant even more so if it were,
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KhanRA Jan 18, 2024 02:10pm
@Sajid, Indian media, which is somehow even less free than Pakistans in world rankings, is a tabloid system that should not be taken seriously.
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