KARACHI: The current account deficit of the country widened to staggering $11.58 billion during the first seven months (July – January) 2021/2022 as compared with a surplus of $1.03 in the corresponding period of the last fiscal year, according to data released by the State Bank of Pakistan (SBP) on Thursday.
READ MORE: Pakistan’s current account deficit balloons to $9.1 bn
The widening in current account deficit mainly attributed to massive rise in import bill. The imports of the country surged by 59.33 per cent to $46.62 billion in the first seven months of the current fiscal year as compared with $29.26 billion in the corresponding months of the last fiscal year, according to Pakistan Bureau of Statistics (PBS).
READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months
The exports of the country fell by 25 per cent to $17.44 billion during the period under review as compared with $14.25 billion in the same period of the last fiscal year.
Resultantly, the trade deficit ballooned by 92.45 per cent to $28.87 billion during the first seven months of the current fiscal year as compared with the deficit of $15 billion in the same period of the last fiscal year.
READ MORE: July-Oct current account deficit widens to $5.08 billion
The inflows of workers’ remittances increased to record $18 billion during the first seven months (July – January) 2021/2022. The remittances registered an increase of 9.35 per cent during the period under review when compared with $16.46 billion received during first seven months of the last fiscal year.
READ MORE: Current account deficit swells to $3.4 billion in 1QFY22
