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

Current Account Deficit (CAD) fell to $8 million in September 2023 compared to a deficit of $164 million in August 2023, and thus CAD improved by $156 million.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/DGXEyF6C37

— SBP (@StateBank_Pak) October 19, 2023

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.