KARACHI: Pakistan’s Current Account Deficit has narrowed by 27 percent during first 10 months of current fiscal year owing to fall imports and higher inflows of foreign remittances.
The current account deficit declined to $11.586 billion during July – April 2018/2019 as compared with deficit of $15.864 billion in the corresponding period of the last fiscal year, State Bank of Pakistan (SBP) said on Tuesday.
The fall in current account deficit is mainly attributed to reduction in trade deficit. The trade deficit reduced by 12.82 percent to $26.3 billion during first 10 months of current fiscal year as compared with $30.169 billion in the corresponding months of the last fiscal year.
The import bill fell by 8 percent to $45.47 billion during July – April 2018/2019 as compared with $49.36 billion in the same period of the last fiscal year. However, exports growth was flat at $19.169 billion when compared with $19.19 billion in the same period of the last fiscal year.
The foreign remittances sent home by overseas Pakistan grew by 8.45 percent to $17.87 billion during first 10 months of the last fiscal year as compared with $16.48 billion in the same period of the last fiscal year.