Imran Khan says timely actions bring down current account deficit

ISLAMABAD: Prime Minister Imran Khan on Friday said that timely actions from the government has brought down the current account deficit to US$0.5 billion in February, ARY NEWS reported.

Taking to Twitter from his personal handle, Prime Minister Imran Khan said that timely actions to contain current account deficit bear fruit and the deficit shrank to only US$0.5bn in February.

He said that this was US$2bn lower than in January and lowest monthly deficit so far this fiscal year.

Timely actions to contain current account deficit bear fruit.Deficit shrank to only $0.5bn in Feb,$2bn lower than in Jan & lowest monthly deficit so far this fiscal yr.Exports close to all-time high & imports down 21% from their peak & strong growth in large scale manufacturing.

— Imran Khan (@ImranKhanPTI) March 19, 2022

The prime minister further shared that exports have gone up to all-time high and imports witnessed a decline by 21 percent from their peak besides a strong growth in large scale manufacturing.

It is pertinent to mention here that Pakistan’s trade deficit has widened by 82.2 per cent during the first eight months (July-February) of the current fiscal year 2021-22.

The data released by the Pakistan Bureau of Statistics (PBS) said the trade deficit has reached a whopping $31.959 billion compared to $17.535 billion during the same period of 2020-21.

According to the PBS monthly summary on foreign trade statistics for February 2022, the country’s exports increased by 25.8 per cent and remained $20.547 billion in the first eight months of the current fiscal year 2021-22.

Imports during the first eight months (July-February) of the current fiscal year and stood at $52.506 billion, while exports during the same period remained $20.574, showing an increase of 25.08 per cent, the PBS stated.

According to the PBS, the country’s trade deficit widened by 22.1 per cent on year-on-year basis, jumping from $2.533 billion in February 2021 to $3.095 billion in February 2022, showing an increase of 9.69pc.

Imports declined by 2.2 per cent on a month-on-month basis and remained $5.903 billion in February 2022 compared to $6.041 billion in January 2022.