Pakistan posts current account deficit of $809m in July

August 18, 2023 (MLN): The current account balance for July 2023 witnessed a decline of 3.61x MoM to stand at negative $809 million compared to the surplus of $334m in June 2023, the latest data issued by the State Bank of Pakistan (SBP) revealed today.

It is worth noting that this month's deficit follows four consecutive monthly surpluses

While the same month last year, the country recorded a current account deficit of $1.26 billion.

The trade deficit in goods was reduced by around 36.2% YoY while on a monthly basis, the deficit of trade in goods increased by 98.87% MoM to $2.10bn in July 2023 as the export of goods declined by 4.56% YoY and 0.14% MoM.

On the other hand, the negative trade balance in services rose significantly by 2.18x MoM and 8.53x YoY to clock in at $273 million.

Last year in July, the trade balance in services witnessed a deficit of $32m.

Furthermore, the worker’s remittances fell by 19.28% YoY; on a monthly basis, the remittances went down by 7.32% MoM to $2.027bn.

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