{"id":100107,"date":"2024-10-22T10:59:32","date_gmt":"2024-10-22T05:59:32","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100107"},"modified":"2024-10-22T10:59:37","modified_gmt":"2024-10-22T05:59:37","slug":"pakistan-sees-major-account-surplus","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistan-sees-major-account-surplus.html","title":{"rendered":"Pak&#8217;s current account surplus hits USD 119 mn for Sept 2024"},"content":{"rendered":"\n<p>Islamabad: Pakistan&#8217;s government reported a current account surplus of USD 119 million for September 2024, a significant improvement from the USD 218 million deficit in the same month last year. This update, reported on October 21, highlights Pakistan\u2019s improved external balance.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/cda-request-building-owners-to-renew-property-leases.html\" target=\"_blank\" rel=\"noreferrer noopener\">CDA urges building owners to renew property lease to boost revenue<\/a><\/p>\n\n\n\n<p><strong>Quarterly Performance<\/strong><\/p>\n\n\n\n<p>For the first quarter of the fiscal year (July to September 2024), Pakistan\u2019s current account deficit stood at USD 98 million \u2013 a sharp 92% reduction compared to the USD 1,241 million deficit in the corresponding period last year.<\/p>\n\n\n\n<p><strong>Key Drivers: Trade &amp; Remittances<\/strong><\/p>\n\n\n\n<p>In September 2024, Pakistan\u2019s exports reached USD 2.645 billion, an 8% rise compared to USD 2.438 billion in September 2023. However, imports surged by 19%, totalling USD 4.69 billion, up from USD 3.946 billion the previous year. Despite the rise in imports, reflecting growing domestic demand, the export increase partially offset the trade deficit.<\/p>\n\n\n\n<p>Remittances, a crucial source of foreign exchange for Pakistan, saw a substantial boost. In September 2024, remittances amounted to USD 2.849 billion, marking a 29% year-on-year increase. This inflow of foreign currency has been vital in supporting Pakistan&#8217;s current account and mitigating the effects of the growing trade deficit.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-sets-eye-on-2-8-mn-new-taxpayers.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR sets eye on 2.8 mn new taxpayers to increase revenue by 1.6 tn<\/a><\/p>\n\n\n\n<p><strong>First Quarter Highlights<\/strong> From July to September 2024, Pakistan&#8217;s exports totalled USD 6.95 billion, while imports reached USD 12.28 billion. Although the trade deficit remains significant, the growth in exports and remittances has helped narrow the current account gap. Remittances during this quarter surged by 39% to USD 8.78 billion, compared to the same period last year, further supporting the country&#8217;s external accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Pakistan&#8217;s government reported a current account surplus of USD 119 million for September 2024, a significant improvement from the USD 218 million deficit in the same month last year. This update, reported on October 21, highlights Pakistan\u2019s improved external balance. Read: CDA urges building owners to renew property lease to boost revenue Quarterly Performance For the first quarter of the fiscal year (July to September 2024), Pakistan\u2019s current account deficit stood at USD 98 million \u2013 a sharp 92% reduction compared to the USD 1,241 million deficit in the corresponding period last year. Key Drivers: Trade &amp; Remittances In September 2024, Pakistan\u2019s exports reached USD 2.645 billion, an 8% rise compared to USD 2.438 billion in September 2023. However, imports surged by 19%, totalling USD 4.69 billion, up from USD 3.946 billion the previous year. Despite the rise in imports, reflecting growing domestic demand, the export increase partially offset the trade deficit. Remittances, a crucial source of foreign exchange for Pakistan, saw a substantial boost. In September 2024, remittances amounted to USD 2.849 billion, marking a 29% year-on-year increase. This inflow of foreign currency has been vital in supporting Pakistan&#8217;s current account and mitigating the effects of the growing&hellip;<\/p>\n","protected":false},"author":88,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[32769,58631],"persona":[],"class_list":{"0":"post-100107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-current-account-surplus-pakistan","9":"tag-pakistan-news-and-updates","10":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistan&#039;s Sees Major Account Surplus - Zameen News<\/title>\n<meta name=\"description\" content=\"Pakistan posts a USD 119 million current account surplus in Sept 2024, reversing from a USD 218 million deficit last year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pakistan-sees-major-account-surplus.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan&#039;s Sees Major Account Surplus - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Pakistan posts a USD 119 million current account surplus in Sept 2024, reversing from a USD 218 million deficit last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistan-sees-major-account-surplus.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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