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Karachi, Defying predictions, Pakistan’s current account has registered a surprising surplus of USD 9 million in November 2023, as announced by the State Bank of Pakistan (SBP). This development marks a significant shift from the deficit experienced in the initial months of the fiscal year 2023-24.
According to Zameen.Com, the current account deficit (CAD) for the first five months of the fiscal year 2023-24 saw a substantial decline of 64%, totaling USD 1.16 billion. This figure contrasts sharply with the USD 3.24 billion deficit recorded during the same period in the previous fiscal year.
Mohammad Awais Ashraf, Director at Akseer Research, pointed out the crucial role of increased technology exports, which grew nearly 9% to USD 259 million in November. Additionally, other business services saw a growth of about 10% to USD 137 million. A significant 20% month-on-month reduction in the trade-in-service deficit also played a key role in achieving the current account surplus.
Experts suggest that the surplus can be attributed to various factors, including the growth in technology exports, the export of government services, reduced interest payments, and lower profit repatriation by foreign companies in November 2023 compared to the previous month.
This positive trend in Pakistan’s current account is seen as a promising indicator for the country’s economic stability and growth prospects.
The post Pakistan’s Current Account Registers Surprising Surplus in November 2023 appeared first on Pakistan Business News.