February 19, 2024 (MLN): Pakistan has recorded a current account deficit of $269 million largely due to a decline in exports and an increase in imports,the latest data issued by the State Bank of Pakistan (SBP) revealed today.
Last month, the country recorded a current account surplus of $404m, while in January, 2023 the current account deficit stood at $167m.
Total exports fell by 4.40% MoM to $3.37bn as compared to the total exports of $3.53bn in the previous month, while the exports rose by 15.84% YoY as against $2.91bn in the same month of last year.
Moreover, total imports rose by 11.01% MoM and by 21.33% YoY to $5.51bn as compared to the imports worth $4.96bn recorded in December and $4.54bn recorded in January of last year.
Meanwhile, on a cumulative basis, the current account deficit in 7MFY24 was recorded at $1.09bn, showing an improvement of 71.21% YoY when compared to the deficit of $3.8bn in 7MFY23.
Furthermore, the workers' remittances in the month of January inched up by 0.63% MoM to $2.4bn as compared to $2.38bn in the previous month; while on a yearly basis, the remittances went up by 26.16% YoY as it stood at $1.9bn in January 2024.
Cumulatively in 7MFY24, workers' remittances were recorded at $15.83bn as compared to $16.32bn in 7MFY23, depicting a fall of 2.97% YoY.
