KARACHI: Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.
The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year, according to balance of payment (BOP) details issued by State Bank of Pakistan (SBP) on Thursday.
Country’s trade deficit shrank by 26.44 percent to $17.36 billion during July – March 2019/2020 as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.
The import bill of the country fell by 14 percent to $34.81 billion during first nine months of current fiscal year as compared with $40.68 billion in the corresponding period of the last fiscal year.
The exports also increased by 2.23 percent to $17.45 billion during the period under review as compared with $17.07 billion in the same period of the last fiscal year.
On the other hand workers’ remittances received during July – March 2019/2020 amounted to $16.99 billion recording an increase $960.7 million or 6 percent over remittances $16.03 billion received during July – March 2018/2019.
