Pakistan’s current account deficit narrowed to $8 million in September

KARACHI Oct 20 (Online): Pakistan’s current account deficit has narrowed to $8 million in September, which was recorded at $164 million in August.

According to the data released by the State Bank of Pakistan, imports in September were 3 billion 99 billion dollars compared to 4 billion 28 billion dollars in August, while exports increased from 2 billion 43 billion to 2 billion 47 billion after a slight increase.

The current account deficit in September last fiscal year 2023 was $360 million; the current account balance is in line with government targets.

In the Economic Outlook Report in September, the Ministry of Finance stated that there was an increase in remittances on an annual basis during August and September. The report further stated that Pakistan’s main export markets are the US, UK, Europe and China, monthly. A positive trend has been observed from the composite leading indicator, which indicates an increase in exports in the coming months.

The current account deficit has narrowed as the military-backed crackdown on illegal currency trading continues, leading to a significant appreciation of the rupee against the dollar in September.

Similarly, strict measures are being taken to prevent illegal trade under Afghan transit trade.