Pakistan’s current account goes into surplus of $400m


Pakistan current account surplus

ISLAMABAD: 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.

As per the State Bank of Pakistan (SBP), the country’s current account deficit has also witnessed a big reduction on a six-monthly basis.

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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 SBP, the country’s exports increased to $3.526 billion in December 2023 against $3.089 billion in December 2022, a hike of over 14 per cent. 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 per cent to $4.97 billion in December against $4.98 billion in the same period last year. – INP

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