Pakistan’s current account deficit (CAD) fell significantly by 78% to $162 million in July 2024, the State Bank of Pakistan (SBP) reported.
In comparison, the current deficit last month was $741 million in the same period last year, according to SBP data.
However, the deficit was higher than expected due to a higher trade deficit of $2.4 billion reported by the SBP in July, compared to the previously reported trade deficit of $1.97 billion.
The SBP deficit figures are lower than those reported by the Pakistan Bureau of Statistics (PBS).
Compared to the previous month, the current account deficit in July was 48% higher, reaching $313 million.
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Pakistan’s exports increased by 13% to reach $2.39 billion in July 2024 compared to $2.1 billion in the same period last year.
Imports, on the other hand, rose 16% to $4.8 billion, up from $4.1 billion in July 2023.
Remittances from Pakistanis living abroad saw a significant increase of over 48%, reaching $2.99 billion in July 2024, compared to $2 billion in the same month last year.