May 16, 2023 (MLN): The current account surplus for the month of April 2023 plunged by 97.6% MoM to stand at $18 million compared to the surplus of $750mn in March 2023.
In the same month last year, the country recorded a current account deficit of $640mn.
Within 10MFY23, the current account deficit reduced to $3.25bn compared to the deficit of $13.65bn in the same period last year.
The trade deficit in goods narrowed by around 43.17% YoY while on a monthly basis, the balance of trade in goods increased by 2.7% MoM to $1.59bn in April 2023 as the import of goods declined by 38% YoY and 7.11% MoM.
Meanwhile, the trade balance in services also remained negative, down by 59.41% YoY to clock in at $181mn.
Last time in January 2023, the trade balance in services witnessed a surplus of $18mn.
Furthermore, the worker’s remittances fell by 29.22% YoY while on a monthly basis, the remittances increased by 12.84% MoM to $2.21bn.
On a cumulative basis during 10MFY23, remittances by overseas Pakistanis moved down by 13% YoY to $22.74bn from $26.14bn recorded in the same period last year.
