In a positive development, Pakistan current account deficit recorded surplus
Shares
KARACHI: In a positive development, Pakistan current account deficit recorded surplus.
The country’s current account balance recorded a surplus of $13 million in May 2020, as compared to the deficit of $1.004 billion recorded in May 2019, according to data released by the State Bank of Pakistan on Wednesday.
This is the first time a surplus has been recorded since October 2019, when the current account surplus stood at $73 million.
Most of this was driven by the decline in total imports, which fell 41pc year-on-year to $2.274 billion.
However, total exports of goods also fell 40pc year-on-year to $1.129 billion in May 2020, while there was a 19pc fall in the inflow of workers’ remittances, which were recorded at $429 million.
