Remittances increase by 24 percent

Islamabad: Pakistan’s remittances have increased significantly by 24 percent due to the efforts of the Special Investment Facilitation Council (SIFC).

According to the document, Pakistan’s annual remittances increased by 24 percent to $3 billion in October 2024, while the total remittances increased by 35 percent to $11.8 billion in July-October 2024.

It is pertinent to note that the regularity of Pakistani remittances is also helping in controlling the current account deficit.

On the other hand, the country’s trade deficit has recorded a significant decrease of 26 percent on an annual basis during October.

According to the Bureau of Statistics, the country’s trade deficit in October 2024 was recorded at $1.608 billion, which is 26 percent less than in October 2023 and was recorded at $2.174 billion.

According to the Bureau of Statistics report, the trade deficit in October decreased by 12 percent monthly compared to September when it was recorded at $1.819 billion.