PM Imran Khan is happy with the fact that “Pakistan is heading in the right direction.On Wednesday”, Prime Minister Imran Khan said that, the country’s current account witnessed a record surplus of $792 million in the first quarter of the current fiscal year. The updated data is released by the State Bank of Pakistan (SBP).
The central bank said that it is the “first quarterly surplus in more than five years”.
The surplus increased due to the record remittances during the month of September and monthly increase in exports. In the month of September, the surplus was recorded at $73m, which was 65.4% down from $211m in August. This happened due to the growing trade shortage in previous months due to the pandemic.
Pakistan Trade Deficit in September
PM Imran Khan informed the country that last year, Pakistan had registered $1,492m deficit during the same quarter. Prime minister is working towards strengthening the country’s economy.
He is satisfied and told on twitter “Exports have increased over 29% and remittances grew by 9% over a month.”
State Bank of Pakistan also stated the increase in current account surplus by $793m in first quarter of the year 2020-2021 resulted in revival of domestic economy. Imports also start flourishing. The month-on-month continuous decrease in current account surplus resulted in 8% increase in trade deficit in September.
In September, Pakistan trade deficit showed an uptrend of $1.82 billion compared to $1.727 billion in August. This happened in account of an increase in imports of food to 62% and machinery to 21%.
The primary income of the country declined by $197m in September however, an increase in remittances by 9% or$ 189 million uplifted the current account surplus.
However, Prime minister is positive that our economy will continue to grow as the restrictions of lock-down eases globally and oil prices increase internationally.