Pakistan’s CAD decreases to $0.5bn in Feb, lowest since April’21

MG News | March 19, 2022 at 04:16 PM GMT+05:00
March 19, 2022 (MLN): Pakistan's current account deficit (CAD) fell sharply by 78% to $0.5 billion in February 2022 from $2.53bn in January 2021, largely due to a decline in imports by 18% MoM, the central bank said showed today.
This was the lowest monthly deficit since April'21 and only one-fifth the level recorded in January 2022, SBP said.
During the month, exports were close to all-time highs, rising by 16% MoM to $2.9bn compared to January 2022. Imports during the month fell by 18% MoM to their lowest level of $5bn in FY22.
On a yearly basis, CAD rang alarming bells as it widened by 16x YoY in February 2022 from $34mn in the same month last year.
Going by the data, the trade deficit in goods went down by around 40% MoM to $2.28bn in February 2022 as exports of goods increased by 16% MoM while imports saw a decrease of 18% MoM. On a year-on-year basis, the trade deficit in goods improved slightly by 2% in the said month as exports rose by 32% YoY and imports up by 15% YoY.
Meanwhile, the trade balance in services, while still negative, dropped by 41% MoM to $284mn courtesy of a 17% MoM fall in imports while exports inched up by 5% MoM during the month under review. On yearly basis, the trade deficit in services swelled by 56% YoY in February mainly due to 25% YoY growth in services imports while exports also grew by 14% YoY.
Cumulatively, during 8MFY22, the country recorded CAD of $12bn as opposed to $994mn surplus recorded in the same period last year, reflecting a robust increase in imports.
The export of goods and services during July-Feb FY22 were $25bn compared to $19.9bn, an increase of 26% YoY.
The imports of goods and services increased by 48% to $54.98bn in 8MFY22 against $37.2bn in the same period of last year.
Workers' remittances increased by 3% MoM to $2.19bn from $2.14bn in January 2022. On yearly basis, remittances declined slightly by 3% YoY.
During July-Feb FY22, remittances by overseas Pakistani moved up by 8% YoY to $20.14bn from $18.7bn recorded in July-Feb FY21.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 134,299.77 290.06M |
0.39% 517.42 |
ALLSHR | 84,018.16 764.12M |
0.48% 402.35 |
KSE30 | 40,814.29 132.59M |
0.33% 132.52 |
KMI30 | 192,589.16 116.24M |
0.49% 948.28 |
KMIALLSHR | 56,072.25 387.69M |
0.32% 180.74 |
BKTi | 36,971.75 19.46M |
-0.05% -16.94 |
OGTi | 28,240.28 6.19M |
0.21% 58.78 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 118,140.00 | 119,450.00 115,635.00 |
4270.00 3.75% |
BRENT CRUDE | 70.63 | 70.71 68.55 |
1.99 2.90% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.10 1.14% |
ROTTERDAM COAL MONTHLY | 108.75 | 108.75 108.75 |
0.40 0.37% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 68.75 | 68.77 66.50 |
2.18 3.27% |
SUGAR #11 WORLD | 16.56 | 16.60 16.20 |
0.30 1.85% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|