Pakistan has a current account deficit of almost $270 million, in its recent economic update, Pakistan revealed a current account deficit of $269 million in February, according to data released by the State Bank of Pakistan (SBP), this change is due to a significant decrease in exports, in addition to a sharp increase in imports.
Data showed that total monthly exports fell 4.40% to $3.37 billion in February, compared with $3.53 billion the previous month, however, exports still grew positively by 15.84% year-on-year (YoY), compared to 2.91 billion USD in the same period last year.
In contrast, total imports recorded a monthly increase of 11.01% and a year-on-year increase of 21.33%, reaching 5.51 billion USD in February, up from 4.96 billion USD in December and 4.54 billion USD in January last year.
In total, the current account deficit for the first seven months of fiscal year 2023-24 (7MFY24) stood at $1.09 billion, representing a significant 71.21% year-on-year improvement compared to the same period last year, with a deficit of $3.8 billion recorded during that period, same period of the previous fiscal year.
In addition, remittances from workers in January increased slightly monthly by 0.63%, reaching 2.4 billion USD, compared to 2.38 billion USD the previous month, On a year-on-year basis, remittances increased significantly by 26.16%, reaching $1.9 billion in January 2024.
For cumulative figures of 7MFY24, remittances of workers amounted to 15 $.83 billion, reflecting a year-over-year decrease of 2.97% from $16.32.billion in 7 months of 23.
