Islamabad: Welcome news for the country’s economy is that Pakistan’s current account stood at a $1.19 billion surplus in the month of March, which is a huge increase in a single month for the first time in the country’s history. According to experts, this feat has been possible mainly due to a significant increase in worker remittances and a reduction in the trade deficit.
During March, Pakistan imported goods worth $4.94 billion from the world, down 2% from the previous month, while exports were worth $2.66 billion, up 6% from the previous month. Thus, the trade deficit in March declined by 11% on a month-on-month basis.
The biggest reason for the current account surplus in March was remittances from overseas Pakistanis, which reached a record $4.5 billion in March. These remittances are proving to be the backbone of the country’s economy and are playing a fundamental role in reducing economic pressure.
Although imports increased by 11% this year, an 8% increase in exports and an increasing volume of remittances helped keep the current account positive. Pakistan’s current account had a total surplus of $1.85 billion in the first nine months of the current fiscal year, compared to a deficit of $1.65 billion in the same period last fiscal year.
