KARACHI: Pakistan’s Current Account Deficit (CAD) has widened to staggering above $12 billion during first eight months (July – February) 2021/2022, the State Bank of Pakistan (SBP) said on Saturday.
The current account was surplus by $994 million in the corresponding period of the last months, according to the balance of payment (BOP) issued by the SBP.
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
Primary reason behind bargaining current account deficit is extraordinary gap in national trade. The trade deficit widened by 82 per cent to $31.95 billion during the first eight months of the current fiscal year as compared with the deficit of $17.53 billion in the corresponding months of the last fiscal year.
READ MORE: Pakistan’s current account deficit balloons to $9.1 bn
Pakistan’s import bill registered an increase of 55 per cent to $52.5 billion during the period under review as compared with $33.86 billion in the same period of the last fiscal year. On the other hand, the exports also grew by 26 per cent to $20.56 billion in the first eight months of the current fiscal year as compared with $16.32 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months
Meanwhile, workers’ remittances rose to $21 billion during July – February 2021/2022 as compared with $18.7 billion in the same period of the last fiscal year.
On the foreign investment front, the foreign direct investment (FDI) registered 6.1 per cent growth to $1.26 billion during first eight months of the current fiscal year as compared with $1.19 in the same period of the last fiscal year.
READ MORE: July-Oct current account deficit widens to $5.08 billion
