KARACHI: Pakistan has recorded current account deficit (CAD) of $269 million in January 2024 as compared to current account surplus (CAS) of $404 million in December 2023 due to decline in exports and an increase in imports.

According to State Bank of Pakistan (SBP) data released on Monday, the country’s CAD clocked in at $1.093 billion during the first seven months of FY24 as compared to $3.796 billion in the same period in FY23.

According to the SBP data, the country’s total exports declined by 4.40 percent on month-on-month basis to $3.37 billion in January 2024 as compared to the total exports of $3.53 billion recorded in December 2023.

Pakistan’s current account posts deficit of $269mn in January 2024

On the other hand, the country’s total imports increased by 11.01 percent MoM and by 21.33% YoY to $5.51bn as compared to the imports worth $4.96bn recorded in December and $4.54bn recorded in January of last year.

The workers’ remittances increased by 0.63 percent in January 2024 to $2.397 billion as compared to $2.382 billion in December 2023. On yearly basis, the remittances increased to $2.397 billion in January 2024 against inflows of $1.9 billion in January 2023. During the first seven months of FY24, workers’ remittances declined by 2.97 percent to $15.833 billion as compared to $16.318 billion in the same period in FY23.

Copyright Business Recorder, 2024