Current account deficit dips by 36pc in July compared with last year
Business
Trade deficit in 2022-23 had narrowed by 43.03pc from $48.354bn to $27.547bn
KARACHI (Web Desk) – Pakistan is able to continue with the trend of reducing the current account deficit (CAD) which was recorded at $809 million in July [2023-24] after a 36 per cent decrease when compared with $1.261 billion during the same month of the last fiscal year [2022-23].
In 2022-23, CAD stood at $2.56bn, which was just 14.65pc of $17.48bn for the 2021-22, as former finance minister Ishaq Dar, commenting on the figures, had stated, “That’s how Pakistan didn’t default!”
However, the figures released by the State Bank of Pakistan (SBP) for July reflected a deficit for the first time after four consecutive months of registering a surplus.
Earlier, Pakistan’s trade deficit had narrowed by 43.03pc to $27.547bn during 2022-23 against $48.354bn recorded in 2021-22.
Read more: Pakistan sees 43pc reduction in trade deficit in 2022-23
The country’s exports in 2022-23 stood at $27.744bn when compared to $31.782bn in 2021-22, representing a 12.71pc decline.
Similarly, the imports decreased by 31pc during the period under review by going down from $80.136bn in 2021-22 to $55.291bn during 2022-23.
