Pakistan Achieves $349 Million Current Account Surplus for October 2024

Pakistan’s external accounts recorded a current account surplus of $349 million in October 2024, marking a positive trend for the third consecutive month, according to the State Bank of Pakistan (SBP). This improvement is attributed to higher exports and a steady rise in remittance inflows.

The current account deficit stood at $287 million in October 2023, underscoring the progress made in stabilizing the economy.

Export and Import Analysis

• Exports in October surged to $3.71 billion, a year-on-year increase of 11.5%, and a 12.6% rise compared to the previous month.
• Imports, on the other hand, grew by 6.9% year-on-year to $5.56 billion. However, on a monthly basis, imports declined by 1%, reflecting tighter control over external spending.

Trade Balance Insights

Pakistan’s trade deficit in goods and services narrowed to $1.85 billion in October, a 1.2% reduction compared to October 2023. On a month-to-month basis, the deficit decreased by a significant 20.4%, demonstrating an improving balance in trade dynamics.

4MFY25 Performance Highlights

• Exports in the first four months of FY25 rose by 8.5%, amounting to $13.11 billion, compared to $12.08 billion in the same period of FY24.
• Despite this, the cumulative trade deficit widened by 15%, reaching $9.32 billion, against $8.1 billion in the corresponding period last year.

The consistent surplus and narrowing trade deficit reflect Pakistan’s focused efforts on economic stabilization, with strategies aimed at increasing export competitiveness and reducing non-essential imports.