{"id":5302,"date":"2024-12-18T13:00:23","date_gmt":"2024-12-18T08:00:23","guid":{"rendered":"https:\/\/tradingonlevels.com\/?p=5302"},"modified":"2024-12-18T13:00:23","modified_gmt":"2024-12-18T08:00:23","slug":"decade-high-c-a-surplus-posted","status":"publish","type":"post","link":"https:\/\/tradingonlevels.com\/?p=5302","title":{"rendered":"Decade-high C\/A surplus posted"},"content":{"rendered":"

Decade-high C\/A surplus posted<\/h2>\n

Surge in remittances, decline in imports drive surplus to $729m in November<\/h4>\n

\"higher<\/p>\n

KARACHI:<\/strong><\/h4>\n

Following a substantial policy rate cut, Pakistan recorded its highest current account surplus in over a decade, reaching $729 million in November 2024. This positive development was primarily driven by a surge in remittances from overseas Pakistanis, while a significant reduction in the trade deficit further contributed to the surplus.<\/h4>\n

“November 2024 current account surplus stood at $729 million, marking a 15-year high and a 111% month-on-month (MoM) increase,” stated Shankar Talreja, Director of Research at Topline Securities. “This brought the cumulative current account surplus for the first five months of FY2025 (5MFY25) to $944 million, compared to a deficit of $1.67 billion in 5MFY24.”<\/span><\/h4>\n

The notable improvement in November’s surplus is attributed to a 14% MoM decline in the trade deficit and a 43% MoM drop in the services deficit. Additionally, the primary deficit fell by 7% MoM, reflecting broader economic stabilisation.<\/span><\/h4>\n

Speaking to The Express Tribune, Sana Tawfik, Head of Research at Arif Habib Limited (AHL), highlighted that the $729 million surplus is the largest monthly surplus since February 2015 and the second-largest since July 2013. “The recovery was primarily driven by a sharp increase in remittances, which surged 29% year-on-year (YoY) to $2.9 billion in November 2024,” she said. The majority of these inflows came from Saudi Arabia (up 34%), the UAE (up 50%), and the UK (up 20%).<\/span><\/h4>\n

On a five-month basis, remittances grew by 34% YoY, underscoring their vital role in stabilising the country’s external accounts. “While remittances provided strong support, exports also posted moderate growth,” she added. Exports of goods increased by 7% YoY, while exports of services registered an 8% YoY rise in November.<\/span><\/h4>\n

Despite an uptick in imports, the trade deficit narrowed sharply by 24% YoY in November, primarily due to a 9% decline in goods imports. This reduction was influenced by multiple factors, including a 2% MoM decline in machinery imports, a 4% MoM drop in food imports\u0097partly driven by falling global palm oil prices\u0097and a substantial 29% decline in petroleum imports. The fall in petroleum imports was linked to lower international oil prices, with the average price of Arab Light crude dropping from $76.34 per barrel in October to $74.85 per barrel in November, reflecting a 2% decline.<\/span><\/h4>\n
https:\/\/tribune.com.pk\/story\/2516690\/decade-high-ca-surplus-posted<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"

Decade-high C\/A surplus posted Surge in remittances, decline in imports drive surplus to $729m in November KARACHI: Following a substantial…<\/p>\n","protected":false},"author":3,"featured_media":5303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":{"0":"post-5302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"_links":{"self":[{"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/posts\/5302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5302"}],"version-history":[{"count":1,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/posts\/5302\/revisions"}],"predecessor-version":[{"id":5304,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/posts\/5302\/revisions\/5304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=\/wp\/v2\/media\/5303"}],"wp:attachment":[{"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingonlevels.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}