ISLAMABAD: Prime Minister Imran Khan on Wednesday said the country’s current account was in surplus of $73 million during September, bringing the surplus of first quarter to $792 million compared to deficit of $1,492 million during same time last year.
“Great news for Pakistan. We are headed in right direction finally,” the Prime Minister tweeted.
The Prime Minister also mentioned that the exports grew by 29 percent and the remittances grew by 9 percent over previous month.
According to Balance of Payment (BoP) details issued by the SBP, the country witnessed current account deficit of $1.49 billion in the same quarter of the last fiscal year.
The current account posted the surplus despite widening of trade deficit during the same quarter of the current fiscal year.
The trade deficit increased by 2.6 percent to $5.83 billion during first quarter of the current fiscal year as compared with the deficit of $5.69 billion in the same quarter of the last fiscal year.
The import bill of the country grew by one percent to $11.31 billion during first quarter of the current fiscal year as compared with $11.199 billion in the corresponding quarter of the last fiscal year.
The exports of the country however fell nominally by 0.65 percent to $5.47 billion during July – September 2020 as compared with $5.51 billion in the same period of the last fiscal year.
On a cumulative basis, workers’ remittances rose to a record $ 7.1 billion in first quarter of current fiscal year, 31.1 percent higher than the same period last year.
