Pakistan’s current account deficit has witnessed a significant reduction of 76 percent during the first ten months of the current fiscal year 2022-2023, according to the State Bank of Pakistan (SBP).
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This tag provides stories related to current account deficit. Check updates for current account deficit at Pakistan Revenue.
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Pakistan’s current account deficit narrows by 313% in 8MFY23
KARACHI: Pakistan’s current account deficit narrowed by 313 per cent during first eight months (July – February) 2022/2023, official data revealed on Monday.
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Current account deficit contracts by 60pc to $3.66 billion in 1HFY23: SBP
KARACHI: State Bank of Pakistan (SBP) on Wednesday said that current account deficit has contracted by 60 per cent to $3.66 billion in first half (July – December) of fiscal year 2022-2023.
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Pakistan’s current account deficit narrows to $3.1 billion in 5MFY23
KARACHI: Pakistan’s current account deficit has narrowed to $3.1 billion during first five months (July – November) of fiscal year 2022-2023, according to data released by the State Bank of Pakistan (SBP) on Friday.
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Pakistan current account deficit narrows by 47pc in 4MFY23
Current Account Deficit (CAD) of Pakistan narrowed by 47 per cent in first four months (July – October) of fiscal year 2022-2023 (4MFY23), according to Balance of Payment (BoP) details released by State Bank of Pakistan (SBP) on Monday.
The CAD contracted to $2.82 billion during first four months of the current fiscal year as compared with the deficit of $5.31 billion in the corresponding months of the last fiscal year.
READ MORE: Current account deficit declines by 37% to $2.21 billion in first quarter
Contraction in current account deficit may be attributed in significant fall in import bill of the country, which resulted in narrowing the trade deficit.
The import bill of the country fell by 16 per cent to $21.09 billion during first four months of the current fiscal year as compared with $25.08 billion in the same period of the last fiscal year.
READ MORE: Pakistan current account deficit narrows by 19% in July – August
On the other hand exports recorded a nominal growth of one per cent to $9.56 billion during the period under review as compared with $9.46 billion in the same period of the last fiscal year.
This resulted in contraction of trade deficit by 26 per cent to $11.53 billion during July – October 2022 when compared with $15.62 billion in the same period of the last fiscal year.
READ MORE: Pakistan current account deficit widens by 42% in July 2022
However, inflows of remittances declined by 8.6 per cent to $9.9 billion during first four months of the current fiscal year. The inflow of remittances has been recorded at $9.9 billion during July – October of current fiscal year 2022/2023 as compared with $10.83 billion in the corresponding period of the last fiscal year.
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
The current account deficit in the month of October 2022 recorded at $547 million, which is widened compared with the deficit of $363 in September 2022. However, it was narrowed with compared with $1.78 billion in October 2021.
The CAD sharply widened to $17.41 billion in the fiscal year 2021/2022 from $2.82 billion in fiscal year 2020/2021.
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Current account deficit declines by 37% to $2.21 billion in first quarter
KARACHI: Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released on Wednesday.
The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.
READ MORE: Pakistan current account deficit narrows by 19% in July – August
State Bank of Pakistan (SBP) on Wednesday issued the summary of balance of payments for the first quarter of the current fiscal year.
Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.
READ MORE: Pakistan current account deficit widens by 42% in July 2022
Import bill of the country for the quarter under review sharply declined by 12.37 per cent to $16.4 billion as compared with $18.71 billion in the corresponding quarter of the last fiscal year.
On the other hand, exports of the country recorded an increase of 2.62 per cent to $7.18 billion during July – September of the current fiscal year as compared with $6.99 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
However, inflow of home remittances slipped by 6.34 per cent to $7.68 billion during first quarter of the current fiscal year 2022-2023. The inflow of remittances was $8.2 billion in the corresponding quarter of the last year.
The balance of payment posted a deficit of $316 million in the month of September 2022 which was much lower to the deficit of $1.15 billion in the same month of the last year. The deficit is also lower when compared with the deficit of $676 million in the month of August 2022.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
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Pakistan current account deficit narrows by 19% in July – August
KARACHI: Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023, according to data released by State Bank of Pakistan (SBP) on Wednesday.
The current account deficit during the period under review was at $1.92 billion as compared with $2.37 billion in the corresponding months of the last fiscal year.
READ MORE: Pakistan current account deficit widens by 42% in July 2022
The contraction in current account deficit may be attributed to narrowing trade deficit during the period under review.
The trade deficit of the country recorded a decline of 16.36 per cent to $6.33 billion during July – August 2022/2023 as compared with the deficit of $7.56 billion in the corresponding period of the last fiscal year, according to Pakistan Bureau of Statistics (PBS).
READ MORE: Pakistan’s FY22 current account deficit widens to $17.41 bn
Importantly, the import bill of the country fell by 9 per cent to $11.06 billion during the first two months of the current fiscal year as compared with $12.15 billion in the same months of the last fiscal year.
On the other hand, the export exhibited an increase of 3.27 per cent to $4.74 billion during July – August 2022/2023 as compared with $4.59 billion in the same period of the last fiscal year.
The contraction in trade deficit may be attributed to the ban imposed by the government on import of luxury and non-essential items. The government imposed the ban on May 19, 2022. But, it was later lifted on August 20, 2022.
READ MORE: Pakistan’s CAD balloons to $15.19 billion in 11 months
However, some restrictions on import of various goods are still there as those clearances are subject to prior approval of the SBP.
Meanwhile, the overall remittances sent by Pakistani workers declined by 3 per cent during first two months (July – August) 2022/2023. The overseas Pakistani workers sent $5.25 billion during first two months of the current fiscal year as compared with $5.42 billion in the same months of the last fiscal year.
READ MORE: Current account deficit swells to $13.78 bn in 10 months
The current account deficit for the month of August 2022 was $703 million as compared with the deficit of $1.52 billion in the same month of the last year. Whereas the deficit in August 2022 is also narrowed when compared with the deficit of $1.21 billion in the month of July 2022.
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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