Pakistan’s current account maintained a surplus with a handsome value of$1.6 billion in the five months of the current financial year, mainly dueto enhanced inflows from remittances and export receipts.
The current account also posted a surplus-value of $326 million for thestraight five months of the financial year that added further to theoverall surplus-value of the current account in FY21.——————————
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According to the State Bank of Pakistan (SBP), the current account surplushas reached $1.6 billion compared to a deficit of $1.7 billion.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities toldProPakistani,
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PTI is having a windfall stroke of luck during COVID times. Lesser imports,more formal channel remittances, and a marginal uptick in exports arekeeping state coffers filled. Expect these months to continue for the nextfew months. Confidence is building as PKR stabilizes.
In contrast to the previous five years, the current account has been insurplus throughout FY21 due to an improved trade balance and a sustainedincrease in remittances. In November 2020, both exports and imports pickedup, reflecting a recovery in external demand and domestic economic activity.
The trade deficit of the goods stood at $8.6 billion during the period ofJuly to November 2020 as compared to $8 billion recorded in a similarperiod of the last year. The trade deficit of services reduced to $3.08billion from July to November 2020 compared to $3.77 billion recorded in asimilar period of the last financial year.
