KARACHI: Pakistan’s current account deficit narrowed by 72 percent during first seven months (July – January) of 2019/2020 owing to inflows of workers’ remittances and decline in import bill.
The current account deficit reduced to $2.65 billion during the first seven months of current fiscal year as compared with $9.48 billion in the corresponding months of the last fiscal year, according to Balance of Payment (BoP) data released by State Bank of Pakistan (SBP) on Wednesday.
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The decline in current account deficit may be attributed to shrinking trade deficit.
According to Pakistan Bureau of Statistics (PBS) the trade deficit was reduced by 28 percent to $13.84 billion during July – January 2019/2020 as compared with $19.2 billion in the corresponding period of the last fiscal year.
The import bill fell by 15.64 percent to $27.35 billion during first seven months of the current fiscal year as compared with $32.42 billion in the corresponding period of the last fiscal year.
The exports showed 2.2 percent growth to $13.5 billion during July – January 2019/2020 as compared with $13.21 billion in the same period of the last fiscal year.
The inflows of workers’ remittances increased by 4.1 percent to $13.3 billion during first seven months of the current fiscal year as compared with $12.77 billion in the same period of the last fiscal year.
