As shown by the data from the State Bank of Pakistan (SBP), it is the 4th consecutive month where Pakistan witnessed a surplus rising to $382 million or 1.6% of the gross domestic product (GDP).
The surplus came on the back of a sustained increase in remittances and a smaller trade deficit,State Bank of Pakistan (SBP)
Instead of a deficit (as recorded in July 2019 of $1.4 billion), the country has a surplus reaching to $1.2 billion.
Syed Atif Zafar, chief economist at Topline Securities mentioned:
The current account recorded a fourth consecutive monthly surplus in October […] an improvement was witnessed on account of the better trade deficit as imports declined by 9pc month-on-month compared to exports increasing 1% month-on-month,
Remittances also remained healthy at $2.28bn,
In addition to this, Minister for Industries and Production, Hammad Azhar said (as reported):
The trade deficit continues to shrink and industrial production is showing strong growth,
Adding to this, Asad Umar – Federal Minister for Planning and Development – said in his tweet: