KARACHI: The Current Account Deficit (CAD) has significantly slid down to $1.16 billion during the first five months of the current fiscal year as compared to the deficit of $3.26 billion during the same period of last year, State Bank of Pakistan SBP reported. “Current Account Deficit improved significantly to $1.16 billion in July-November FY24, from $3.26 billion in July-November FY23,” SBP posted on the social media website X (formerly Twitter).
On year-on-year basis, the CAD witnessed a surplus of $9 million in November 2022 compared to a deficit of $157 million in November 2023.
According to the latest SBP figures, the merchandize trade deficit during July-November (2023-24) was recorded at $8770 million as compared to the deficit of $13,427 million in July-November (2022-23).
Likewise, the services’ trade deficit was recorded at $1,124 million during FY2023-24 compared to the deficit of $317 million during the corresponding period of last year. The overall trade deficit in goods and services was recorded at $9,894 million during the current fiscal year compared to the deficit of $13,744 million during last year.
Meanwhile, the balance on primary income stood at negative 2,957 million against $1,951 million last year, according to the SBP data.
