Current Account deficit rises by 42.57% in Fiscal Year 2018

According to data from the State Bank of Pakistan, Current account deficit for the fiscal year 2017-18 has widened to $18 billion, an increase of about 42.57% compared with the fiscal year 2016-17 when the current account deficit was reported at $12.62 billion.

Just as in the previous fiscal year, the highest deficit was recorded in the fourth quarter of the fiscal year at about $5.8 billion during that quarter, compared to $4.6 billion in the corresponding period of the previous fiscal.

As a percentage of GDP, current account deficit reach 5.7% in the fiscal year 2018 compared to 4.1% of the GDP in the previous fiscal year.

In the month of June 2018, current account deficit amounted to $1.84 billion, compared to $2 billion in the previous month (May 2018).

Balance on trade in goods for the fiscal year 2018 was reported at a deficit of $31.07 billion, compared to a deficit of $26.68 billion during the previous fiscal, an increase of about 16.5%.

Exports of goods surged by 12.58% after being recorded at $24.77 billion compared to $22 billion worth of exports in the previous fiscal year. Exports of services on the other hand witnessed a decline of about 6.3% compared to the previous fiscal after being recorded at $5.2 billion.

Growth in import of goods surpassed that of exports as imports of goods were recorded at $55.85 billion, an increase of 14.72% over the $48.68 billion worth of imports in the previous fiscal year. Import of services on the other hand, grew by only 4.87% after being recorded at $10.38 billion.

Balance on trade in goods and services grew by 16.85% compared to the previous fiscal year.