Pakistan's current account deficit stood at $3.4bn in first quarter of 2021-22

KARACHI: Pakistan’s current account deficit — the gap between foreign payments and inflows — narrowed down to $1.11 from $1.47 billion in September 2021, ARY News reported on Wednesday.

The figures were shared by the State Bank of Pakistan (SBP) from its official Twitter handle.

The current account deficit narrowed to $1.11 bn in Sep 21 from $1.47 bn in Aug 21. A strong rebound in economic activity and higher int’l commodity prices kept the CAD at an elevated level of $3.4 bn in Q1-FY22.https://t.co/Od8ikVvpBF pic.twitter.com/AYvOAnhfUh

— SBP (@StateBank_Pak) October 19, 2021

In the first three months of the current fiscal year (2021-22), the current account deficit clocked in at $3.40bn when compared to the surplus of $860 million a year ago during the same period.

Exports increased 27.59 per cent to $4.57bn during July-August from $3.58bn during the corresponding period of last year.

Also read: US DOLLAR SHEDS RS1.52 AGAINST PAKISTANI RUPEE AFTER SBP’S INTERVENTION

Imports were recorded at $17.47bn during the first three months of the ongoing financial year. Exports stood at $7.24bn during the said period.

However, imports increased by 15.39pc to $6.46bn in August 2021 from $5.60bn recorded last month.

During the first three months of the current fiscal year $8.3bn foreign remittances were sent to Pakistan by the overseas workers.