Pakistan has witnessed several positive economic developments in recent days

US remained the top export destination of Pakistani products during the first three months of the current financial year 2023-24, followed by #China and the United Kingdom (UK).
• Pakistan’s trade deficit has narrowed by 34.7 per cent during the July-October of FY 2023-24, reaching $7.4 billion. #Exports have increased by 0.66% to $9.61 billion, while imports have declined by 18.54% to $17.033 billion.
• Foreign exchange reserves rose by $13.6 million or 0.18% WoW to $7.51 billion during the week ended on October 27, 2023.
• In Q1 of FY24, #Pakistan refinery sector has made a remarkable turnaround, reporting a profit after tax of Rs16.18 billion. Moreover, sales have increased by 5.20% YoY, reaching Rs308.58 billion.
• Arab Monetary Fund and State Bank of Pakistan have partnered to enhance cross-border remittances. Buna, the cross-border payment system and Raast, Pakistan’s Instant Payment System will work together to allow financial institutions and central banks to securely send and receive payments in local and international currencies.