Pakistan witnessed a surplus rising to $382 million for the 4th consecutive month – RS News

Pakistan witnessed a surplus rising to $382 million for the 4th consecutive month

Pakistan witnessed a surplus rising to $382 million for the 4th consecutive month – the total current account surplus has reached $1.2 billion.

national economy

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:

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