Pakistan’s current account recorded a deficit of $162 million in July 2024, a whopping 78% lower than the deficit of $741 million in the same month of the previous fiscal year, according to data released by the State Bank of Pakistan (SBP) on Monday, 24NewsHD television channel reported.
In July 2024, the country’s total exports of goods and services amounted to $3.013 billion, up 11% from $2.706 billion in the same month last year.
Meanwhile, imports stood at $5.6 billion in July 2024, up over 12% year-on-year, according to SBP data.
Workers’ remittances amounted to $2.995 billion, an increase of 48% over the previous year.
Low economic growth and high inflation have helped to narrow Pakistan’s current account deficit. An increase in exports has also contributed. A high interest rate and some import restrictions have also supported the policymakers’ goal of narrowing the current account deficit.
As per SBP data, Pakistan’s current account declined by 48% on a month-on-month basis in July 2024, compared to a revised deficit of $313 million in June 2024.
Pakistan’s exports of goods and services decreased by 2% compared to $3.081 billion in June 2024, while imports decreased by 1.3% compared to $5.675 billion in June 2024.
Reporter Ashraf Khan
