Islamabad, Pakistan has achieved a significant milestone, recording a record-breaking surplus in its current account for the second quarter of Financial Year 2024. This development marks a substantial turnaround from the nation’s previous economic challenges.

According to Press Information Department, Pakistan registered an impressive current account surplus of $397 million in December 2023, contributing to a total surplus of $198 million in the second quarter of the financial year. This achievement demonstrates a remarkable shift in the country’s economic direction, driven by successful government strategies.

The surplus in December 2023 is a stark contrast to the deficit of $365 million recorded in the same month of the previous year. This improvement represents a 77% reduction in the Current Account Deficit (CAD), now standing at $2.8 billion.

Commerce Minister Dr. Gohar Ejaz reflected on the economic progress since the caretaker government took charge in July 2023, when the deficit was at $810 million. The government’s effective measures, including boosting exports and reducing imports, have been instrumental in this turnaround.

Under the leadership of Minister Dr. Gohar Ejaz, Pakistan is pursuing an ambitious vision to elevate its trade to $100 billion, exploring new export markets. This vision is being supported by the Industrial Advisory Council and Export Advisory Council, facilitating collaboration to enhance production and trade.

Minister Dr. Gohar Ejaz commented on this pivotal moment in Pakistan’s economic journey, emphasizing the role of higher exports and lower imports in overcoming challenges and driving sustained growth. The Ministry of Commerce is encouraging all stakeholders to maintain this momentum, underlining the importance of collaborative efforts to further strengthen Pakistan’s economic foundation.