In Jan’24, the Current Account shifted from a surplus of USD 404mn in the previous month (Dec’23) to a deficit of USD 269mn. This marked a 61% increase in the deficit compared to Jan’23 when it was USD 167mn.

Month-on-month, total imports saw an 11% increase while total exports decreased by 4% in Jan’24. Remittances, however, increased by 1% compared to the previous month.

On a YoY basis, exports grew by 16% and imports by 21% in Jan’24, with remittances also increasing by 26%.

Overall, in 7MFY24, the Current Account Deficit decreased by 71% YoY to USD 1.09bn, a significant improvement from the USD 3.8bn deficit recorded in the same period last year.

Courtesy- AHL Research