Islamabad: Pakistan’s government reported a current account surplus of USD 119 million for September 2024, marking a significant turnaround from a USD 218 million deficit in the same period last year. This development underscores a notable improvement in the country’s external financial position.

According to Zameen.Com, the overall current account deficit for the first quarter of the fiscal year, from July to September 2024, stood at USD 98 million, reflecting a 92% reduction compared to the USD 1,241 million deficit recorded in the same period last year.

Pakistan’s export performance in September 2024 showed an 8% rise, reaching USD 2.645 billion, while imports grew by 19%, amounting to USD 4.69 billion. Despite the increase in imports, the higher export figures contributed to partially narrowing the trade gap. Additionally, remittances surged by 29% in September, totaling USD 2.849 billion, providing critical support to the country’s foreign exchange reserves.

For the July to September 2024 period, total exports amounted to USD 6.95 billion, while imports stood at USD 12.28 billion. Remittances during this time reached USD 8.78 billion, a 39% year-on-year increase, further easing pressure on the external account.