Pakistan’s current account posts $162m deficit in July

KARACHI: Pakistan has recorded a current account deficit of $162 million, the latest data issued by the State Bank of Pakistan (SBP) showed today.

During July, total exports rose by 11.3% YoY to $3.01bn compared to $2.71bn in the same month of last year. While it fell 2.2% as against the exports of $3.08bn in the previous month.

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Total imports rose 12.2% YoY to $5.6bn as compared to the imports worth $4.99bn recorded in July of last year. Compared to the previous month, imports fell 1.3%.

Accordingly, the trade deficit in goods and services rose 13.2% YoY to $2.59bn. On a monthly basis, it narrowed 0.3%.

Meanwhile, workers’ remittances in July increased by 47.6% YoY to $3bn as against $2.03bn in July 2023; while on a monthly basis, the remittances went down by 5.2% MoM as compared to $3.16bn in the previous month.

Last month, the country recorded a current account deficit of $313m, while in July, 2023 the current account deficit stood at $741m.