KARACHI: Pakistan’s current account deficit has narrowed by 22.59 percent during first eight months (July – February) of 2018/2019 owing to increased inflows of foreign remittances and decline in import bill.
State Bank of Pakistan (SBP) on Friday issued Balance of Payment (BOP), which showed that the current account deficit reduced to $8.84 billion during first eight months of current fiscal year as compared with deficit of $11.42 billion in the corresponding months of the last fiscal year.
The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill.
The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of the last fiscal year.
The import bill of the country was declined by 6.13 percent to $36.63 billion during first eight months of current fiscal year as compared with $39.03 billion in the same period of the last fiscal year.
However, exports posted growth of 2 percent to $15.11 billion during the period under review as compared with $14.83 billion in the corresponding period of the last fiscal year.
The inflows of home remittances surged by 12 percent to $14.35 billion during first eight months (July – February) of current fiscal year.
Overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of FY19, showing a growth of 11.82 percent compared with $12.83 billion received during the same period in the preceding year.
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