KARACHI: The current account balance registered surplus of $805 million during the first two months of the current fiscal year owing to higher inflows of remittances and lower import payment during the period.
According to statistics of Balance of Payment (BOP) released by the State Bank of Pakistan (SBP) on Wednesday revealed that the current account balance had registered a surplus of $805 million during July – August 2020 as against a deficit of $1,21 billion in the corresponding period of the last fiscal year.
The trade deficit contracted by 7.48 percent to $3.4 billion during July – August 2020 as against $3.69 billion in the corresponding period of the last year.
The imports fell by 5.85 percent to $6.99 billion during the first two months of the current fiscal year as compared with $7.43 billion in the corresponding period of the last fiscal year.
However, exports also fell by 4.25 percent to $3.58 billion during the period under review as compared with $3.74 billion during the same period of the last fiscal year.
On the other hand the inflows of workers remittances posted strong growth of 31 percent during the first two months of the current fiscal year.
The inflows of workers remittances were at $4.86 billion during July – August 2020 as compared with $3.71 billion in the corresponding months of the last year.