- The current account surplus was USD 12mn in April ’25, down from USD 315mn in April ’24 and USD 1.2bn in March ’25.
- The cumulative surplus in 10MFY25 reached USD 1.9bn, significantly improving from a deficit of USD 1,337mn during 10MFY24.
- In April ’25, goods imports increased by 18% YoY to USD 5,237mn and rose by 6% MoM.
- During 10MFY25, total goods imports amounted to USD 48.6bn, reflecting a 12% YoY growth. Service imports grew by 3% YoY to USD 904mn, although they decreased by 4% on a MoM basis.
- Goods exports declined by 1% YoY to USD 2.6bn in Apr’25, and 6% MoM. Cumulatively, they reached USD 27.3bn in 10MFY25, up 7% YoY.
- Service exports increased 9% year over year to USD 716mn, with tech exports up 2% year over year to USD 317mn.
- The trade deficit expanded in Apr’25, increasing to USD 2.8bn compared to USD 2.0bn in SPLY.
- The overall trade balance posted a deficit of USD 24bn in 10MFY25, up from SPLY USD 20bn.
- In April ’25, the secondary income balance increased by 16% YoY to USD 3,429mn, up from USD 2,944mn in April ’24. Workers’ remittances grew by 13% YoY, reaching USD 3.2bn.
- During 10MFY25, remittances totalled USD 31.2bn, reflecting a 31% YoY increase.
Outlook:
- We expect the country to post a CA surplus of USD 1.6bn in FY25 after 14 years.
- We view this growth as mainly due to an increase in remittances by 24% YoY to USD 37.4bn.
Courtesy –AHL Research
