Karachi, April 22, 2024 – In a remarkable economic turn, Pakistan has registered a current account surplus of $619 million for the month of March 2024, as announced by the State Bank of Pakistan (SBP) on Monday.
(more…)Tag: Balance of Payment
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Pakistan current account deficit widens by 42% in July 2022
Pakistan current account deficit (CAD) widened by 42 per cent in the first month (July) of the fiscal year 2022/2023 as compared with the same month of the last fiscal year, according to data released by the central bank on Wednesday.
According to the Balance of Payment (BoP) data issued by the State Bank of Pakistan (SBP), the current account deficit ballooned to $1.21 billion in July 2022 as compared with the deficit of $851 million in the same month of last year.
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
However, the current account deficit narrowed in July 2022 when compared with the previous month. The current account deficit was recorded at $2.19 billion in June 2022.
Analysts at Arif Habib Limited said that the country posted current account deficit of $1.2 billion for the month of July 2022 compared to a deficit of $851 million during July 2021, up 42 per cent YoY.
On a YoY basis, the primary reason behind the deficit was an 8 per cent YoY decline in remittances along with a 0.4 per cent YoY increase in total imports to $6.2 billion.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
However, total exports increased by 4 per cent YoY during July 2022. On a MoM basis, CAD was significantly down (by 45 per cent) aided by a 27 per cent decline in Balance of Trade.
Workers’ remittances too posted a decline on MoM basis, down 9 per cent.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
To recall, SBP had mentioned in its latest MPS that lower (MoM) imports on account of a decline in energy imports as well as non-energy imports, improved the current account position in July 2022. Albeit, exports too showed a decline on a MoM basis amid Eid Holidays and “emerging signs of slower global demand.”
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
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Pakistan’s FY22 current account deficit widens to $17.41 bn
KARACHI: Pakistan has posted $17.41 billion as current account deficit (CAD) for the fiscal year 2021/2022, according to data of balance of payment released by the State Bank of Pakistan (SBP) on Wednesday.
The country posted a deficit in the current account of $2.82 billion in the preceding fiscal year i.e. 2020/2021. It shows that the current account deficit of the country ballooned by over five times.
The widening of the current account deficit may be attributed to a surge in import bill during the fiscal year under review.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
The import bill of the country recorded an increase of 42.21 per cent to $80.18 billion during the fiscal year 2021/2022 as compared with $56.38 billion in the preceding fiscal year, according to Pakistan Bureau of Statistics (PBS).
However, the exports also posted an increase of 25.64 per cent to $31.79 billion during the fiscal year under review as compared with $25.30 billion a year ago.
But the massive rise in import bill resulted in a huge trade deficit. The country posted 55.70 per cent in widening of trade deficit to $48.38 billion during the year under review as compared with the deficit of $31.07 billion in the preceding fiscal year.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
Even the record remittances during the year have failed to curtail the current account deficit. The Pakistani workers sent record high remittances amounting $31.24 billion during the fiscal year 2021/2022 as compared with $29.45 billion in the preceding fiscal year.
Meanwhile, the total investment into Pakistan recorded a 61 per cent decline to $1.79 billion in the fiscal year 2021/2022 as compared with $4.58 billion in the preceding fiscal year.
The inflow of foreign private investment into the country fell 27 per cent to $1.48 billion during the fiscal year under review as compared with $2.03 billion in the preceding fiscal year.
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
The major component of the foreign private investment i.e. Foreign Direct Investment (FDI) posted an increase of 2.6 per cent to $1.87 billion during the fiscal year 2021/2022 as compared with $1.82 billion a year ago.
However, the foreign investment in the capital market recorded a massive decline of 288 per cent. The capital market witnessed an outflow of $388.4 million during fiscal year 2021/2022 as compared with an inflow of $206.6 million in the preceding fiscal year.
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Pakistan’s CAD balloons to $15.19 billion in 11 months
KARACHI: The current account deficit (CAD) of Pakistan has massively widened to $15.19 billion during 11 months (July – May) of 2021/2022, State Bank of Pakistan (SBP) said Tuesday.
The data of balance of payment (BoP) showed the current account deficit was $1.18 billion in the corresponding months of the last fiscal year.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
The massive widening in current account deficit may be attributed to the high trade deficit on back of significant increase in import bill.
The trade deficit of the country increased by 58.18 per cent to $43.42 billion during July – May 2021/2022 as compared with $27.45 billion in the corresponding period of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS).
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
The import bill of the country surged by 44.51 per cent to $72.29 billion during first 11 months of the current fiscal year as compared with $50 billion in the same months of the last fiscal year.
However, export earnings of also grew by 28 per cent to $28.87 billion during the period under review as compared with $22.57 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s CAD mounts to $12 billion in eight months
Meanwhile, inflows of workers remittances posted a six per cent growth to $28.41 billion during 11 months of the current fiscal year as compared with $26.73 billion in the corresponding months of the last fiscal year.
The current account deficit for the month of May 2022 also widened to $1.425 billion as compared with the deficit of $618 million in April 2022 and the deficit of $640 million in May 2021.
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
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Current account deficit swells to $13.78 bn in 10 months
KARACHI: Pakistan’s current account deficit swelled to $13.78 billion during first 10 months (July – April) of the current fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday May 20, 2022.
The balance of payment (BoP) witnessed a deficit of $543 million in the same period of the last fiscal year.
READ MORE: Pakistan’s CAD hit $13.17 billion in July – March
The balance of trade posted a deficit of $32.95 billion during the first 10 months of the current fiscal year as compared with the deficit of $22 billion.
The total trade deficit in both goods and services ballooned to $36.52 billion as compared with the deficit of $24.11 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan’s CAD mounts to $12 billion in eight months
Balance of primary income recorded a deficit of $41.05 billion during the period under review as compared with $27.83 billion in the corresponding period of the last fiscal year.
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
The inflows of workers’ remittances increased to $26.08 billion during July – April 2021/2022 as compared with $24.23 billion in the same period of the last fiscal year.
The current account deficit narrowed to $623 million in April 2022 as compared with $1.02 billion in March 2022. The current account deficit in April 2021 was $268 million.
READ MORE: Pakistan’s current account deficit balloons to $9.1 bn
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Pakistan’s CAD mounts to $12 billion in eight months
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
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July-Oct current account deficit widens to $5.08 billion
KARACHI: The current account deficit of the country has widened to $5.08 billion during July – October of fiscal year 2021/2022.
According to the balance of payment released by the State Bank of Pakistan (SBP) on Friday the current account deficit during first four months of the current fiscal year widened to $5.08 billion as compared with a surplus of $1.31 billion in the same months of the last year.
During the first four months of the current fiscal year the import bill surged by 64 per cent to $25.1 billion as compared with $15.17 billion in the same months of the last fiscal year.
The exports of the country registered an increase of 25 per cent to $9.46 billion during first four months of the current fiscal year as compared with $7.57 billion in the corresponding months of the last fiscal year.
However, trade deficit widened by 106 per cent to $15.64 billion during first four months of the current fiscal year as compared with the deficit of $7.6 billion in the corresponding months of the last year.
Meanwhile, the inflows of remittances grew by 12 per cent during the first four months of the current fiscal year over the same period last year.
Workers’ remittances increased to $10.55 billion during July – October of the current fiscal year as compared with $9.23 billion in the same period of the last year.
The current account deficit in October 2021 has been recorded at $1.66 billion as compared with the deficit of $1.13 billion in September 2021.
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Current account deficit swells to $3.4 billion in 1QFY22
KARACHI: Pakistan’s current account deficit has ballooned to $3.4 billion during first quarter (July – September) of the current fiscal year 2021/2022 (1QFY22) owing to significant widening in trade deficit.
According to balance of payment (BOP) statistics released by the State Bank of Pakistan (SBP) on Tuesday, the current account deficit widened to $3.4 billion during the first quarter of the current fiscal year as compared with a surplus of $865 million in the corresponding period of the last fiscal year.
The country’s trade deficit has swollen by massive 102.10 per cent to $11.75 billion during the quarter under review as compared with the deficit of $5.81 billion in the corresponding quarter of the last fiscal year.
The import bill registered a sharp growth of 66.11 per cent to $18.75 billion during July – September of the current fiscal year as compared with $11.29 billion in the same period of the last fiscal year.
Meanwhile, the exports have also exhibited a growth of 28 per cent to $6.99 billion during the quarter under review as compared with $5.47 billion in the same period of the last fiscal year.
Overseas Pakistanis have remitted $8.034 billion during first quarter (July – September) of the fiscal year 2021/2022.
The home remittances during the first quarter registered a rise of 12.5 per cent when compared with $7.143 billion in the corresponding period of the last fiscal year.
The inflows of remittances were $2.7 billion in September 2021 as compared with $2.28 billion in the same month of the last year, showing an increase of 17.1 per cent.
The current account deficit narrowed in September 2021 to $1.113 billion when compared with the deficit of $1.47 billion in August 2021.
The current account deficit was $1.916 billion in the last fiscal year 2020/2021.
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Current account deficit widens to $2.29bn in July-August
KARACHI: The current account deficit of the country ballooned to $2.29 billion during first two months (July – August) of the current fiscal year.
The SBP issued details of Balance of Payment (BOP) on Friday.
The balance of payment has posted a surplus of $838 million in the same months of the last fiscal year.
The current account deficit has widened mainly significant trade gap.
The import bill increased by 74 per cent to $12.168 billion during first two months (July – August) of the current fiscal year as compared with $6.99 billion in the same period of the last fiscal year.
The exports of the country also grew by 28 per cent to $4.58 billion during first two months of the current fiscal year as compared with $3.58 billion in the corresponding months of the last fiscal year.
However, trade deficit ballooned by 122.58 per cent to $7.58 billion during first two months of the current fiscal year as compared with the deficit of $3.4 billion in the corresponding months of the last year.
Workers’ remittances increased to $5.36 billion during July – August of the current fiscal year as compared with $4.86 billion in the same period of the last year.
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July current account deficit balloons to $773 million
KARACHI: The current account balance has posted a deficit of $773 million during first month of the current fiscal year, State Bank of Pakistan (SBP) said on Friday.
The SBP released Balance of Payment (BOP) statistics. The data revealed that the current account was in surplus of $583 million in July 2020.
However, the current account deficit has been narrowed in July 2021 when compared with $1.619 billion recorded in June 2021.
The balance of trade in goods has posted a deficit of $3.139 billion in July 2021 when compared with the deficit of $1.672 billion in the same month of the last year.
The export receipts have increased to $2.257 billion in the first month of the current fiscal year 2021/2022 when compared with $1.88 billion in the same month of the last fiscal year.
The import bill also recorded significant growth to $5.396 billion in the month under review when compared with $3.557 billion in the same month of the last year.
The inflow of workers’ remittances recorded at $2.707 billion in July 2021 when compared with $2.764 billion in the same month of the last year.