In a positive development, Pakistan current account deficit recorded surplus

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In a positive development, Pakistan current account deficit recorded surplus

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.