Pakistan’s current account deficit shrinks by $8m in Sep: SBP

Pakistan, Current account deficit, SBP

ISLAMABAD: Pakistan’s current account posted a deficit of $8 million in September, ARY News reported quoting the State Bank of Pakistan (SBP).

According to SBP data, the deficit was lower when compared with $950 million in July 2023, the current account deficit was $ 360 million in September last year.

Earlier, Pakistan’s current account posted a deficit of $809 million in July, the highest since October 2022, State Bank of Pakistan (SBP) data showed.

The deficit was lower when compared with $1.26 billion in July 2022, but is in stark contrast to the figure in June 2023 when the current account posted a surplus of $500 million.

As per the central bank data, the country’s exports (goods and services) decreased to $2.654 billion in July 2023 against $2.743 billion in July 2022.

On the other hand, total imports stood at $5.03 billion in July 2023 against $6.07 billion in the same period last year.

Last year in July, the trade balance in services witnessed a deficit of $32m.

Furthermore, the worker’s remittances fell by 19.28% YoY; on a monthly basis, the remittances went down by 7.32% MoM to $2.027bn.



from ARY NEWS https://ift.tt/APoXeWv

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