“The surplus is because of a record level of remittances and narrowing of the trade deficit. Usually we do see healthy textile sales from April to June. And so it’s also likely that the current account surplus may touch $1 billion for the current fiscal year.” - File Photo

KARACHI: Pakistan's current account surplus for the July-April period was a provisional $748 million, compared with a deficit of $3.456 billion in the same period last year, the central bank said on Tuesday.

In April, the current account had a provisional surplus of $716 million compared with a surplus of $230 million in March.

The current account deficit for the 2009/10 fiscal year was $3.946 billion, compared with $9.261 billion in 2008/09 fiscal year.

In April, current transfers amounted to $1.357 billion, out of which remittances from overseas Pakistanis totalled $1.030 billion.

Pakistan's trade deficit narrowed to $870 million in April from $1.30 billion a year earlier.

COMMENTARY – KHALID IQBAL SIDDIQUI, DIRECTOR AT INVEST & FINANCE SECURITIES LTD

“The surplus is because of a record level of remittances and narrowing of the trade deficit. Usually we do see healthy textile sales from April to June. And so it’s also likely that the current account surplus may touch $1 billion for the current fiscal year.”

“This would also bode well for the currency.”