Pakistan’s current account deficit shrinks 65% MoM, 55% YoY in Jan’21

News Image

MG News | February 23, 2021 at 12:25 PM GMT+05:00

0:00

February 23, 2021 (MLN): Pakistan’s current account deficit has reduced to US$229 million in January 2021 from US$652 million last month and US$512 million in the same month a year ago, showing an improvement of 65% MoM and 55% YoY, largely due to recovery in exports and strong remittances.

However, during 7MFY21, the current account still showed a surplus of US$912 million compared to a deficit of US$2,544 million in the corresponding period from last year.

In the month of January, the YoY improvement is attributable to a 2% YoY and 19% YoY increase in exports of goods and remittances to US$2.6 billion and US$2.274 billion respectively. While the MoM improvement was due to a 12% decline in imports of goods to US$4.437 billion from US$5 billion in the previous month.

Total Exports (goods and services), a key driver of growth declined by 9% MoM during Jan’21 to US$2.615 billion compared with US$2.880 billion logged in the previous month. However, on a yearly basis, total exports witnessed an increase of 2% in Jan’21 as it was US$ 2.563 billion in Jan’20. While the combined imports of goods and services during the month under review declined by 12% MoM to US$ 5.085 billion as opposed to US$5.78 billion reported in Dec’20. On yearly basis, overall imports of goods and services jumped by10% in Jan’21 from US$4.614 billion in the same month last year.

This resulted in a trade deficit of US$2.47 billion in Jan’21, up by 20% YoY while down by 15% MoM.

Cumulatively, during 7MFY21, total exports stood at US$17.26 billion, shrank by 3% YoY, whereas total imports showed an increase of 3% YoY to US$32.12 billion, resulting in a trade deficit of US$14.857 billion.

Workers' Remittances by overseas Pakistani registered a growth of 19% YoY and a drop of 7% MoM during January 2021 to US$2.27 billion. During 7MFY21, the continued healthy growth in inflows took the cumulative figure to a record level of US$16.47 billion, up by 24% YoY.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 139,588.14
14.93M
0.85%
1175.89
ALLSHR 86,483.51
33.01M
0.91%
780.55
KSE30 42,616.28
8.17M
0.86%
361.43
KMI30 196,195.25
7.89M
1.07%
2085.66
KMIALLSHR 57,380.26
12.45M
1.18%
666.59
BKTi 38,056.14
1.61M
0.59%
224.80
OGTi 28,138.34
3.83M
2.54%
697.71
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 119,255.00 119,430.00
117,905.00
1635.00
1.39%
BRENT CRUDE 72.33 72.82
72.26
-0.91
-1.24%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.96 70.41
69.89
-0.04
-0.06%
SUGAR #11 WORLD 16.46 16.58
16.37
-0.13
-0.78%

Chart of the Day


Latest News
July 31, 2025 at 09:36 AM GMT+05:00

Asian Markets mixed amid trade tensions


July 31, 2025 at 09:12 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 30, 2025 at 09:36 PM GMT+05:00

Pakistan advances into the era of digital economy



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg