Current account deficit improves by 79% MoM to $160m in August

News Image

By MG News | September 14, 2023 at 09:19 PM GMT+05:00

0:00

September 14, 2023 (MLN): The current account deficit for August 2023 shrank by 79.35% MoM to stand at $160 million compared to the deficit of $775m in July 2023, the latest data issued by the State Bank of Pakistan (SBP) revealed today.

While in the same month last year, the country recorded a current account deficit of $774m, depicting an improvement of 79.33% YoY.

Total exports increased by 13.82% MoM while falling by 8.98% YoY to $3.02bn as compared to the total exports of $2.66bn in the previous month.

Total imports inched up by 1.4% MoM to $5.08bn as compared to the imports worth $5bn recorded in July, while the imports showed a decline of 23.98% YoY when compared to the numbers of August of last year.

Meanwhile, on a cumulative basis, the current account deficit in the first two months of FY24 was recorded at $945m, showing a significant improvement of 54.95 YoY when compared to the deficit of $2.04bn in July-August FY23.

The trade deficit in goods was reduced by around 10.19% MoM and by 42.06% YoY to $1.87 billion in August 2023 as the export of goods increased by 14.25% MoM to $2.42bn, while showing a decrease of 11.41% YoY.

Similarly, the trade deficit in services was improved significantly by 31.02% MoM to $189m as compared to a deficit of 274m in July, while they showed a rise of 37.96% YoYin deficit when compared to the same month of last year, when it stood at $137m only.

Furthermore, the worker’s remittances inched up by 3.15% MoM to $2.09bn as compared to $2.03bn in the previous month; while on a yearly basis, the remittances went down by 23.72% YoY as it stood at $2.75bn in August 2023.

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court


July 04, 2025 at 06:41 PM GMT+05:00

Govt domestic debt, liabilities nears Rs54tr in May



Top 5 things to watch in this week

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