February 19, 2020 (MLN): Pakistan’s current account deficit for the first seven months of Fiscal Year 2020 stood at USD 2.65 Billion compared to USD 9.47 billion from the corresponding period of last year, showing an improvement of USD 6.825 Billion or 72 percent.
During the month of January 2020, Pakistan posted a deficit of USD 555 million compared to a deficit of USD 313 million in December 2019, showing an increase of 77% MoM. However, compared to January 2019, the deficit improved by USD 310 million or 36 percent YoY, data published by the State Bank of Pakistan (SBP) revealed.
The trade deficit in Goods improved by 37 percent to 11.64 Billion in the first 7 months of FY20 as exports improved by meagerly 2 percent to USD 14.4 billion while imports decreased by 20 percent to USD 26 billion.
Similarly, Trade deficit in services, also improved by 17 percent courtesy of a 4 percent reduction in imports while the exports increased by 5 percent.
Worker remittances in the seven months of FY20 surged by 4 percent to USD 13.3 billion from USD 12.7 billion in the corresponding period of FY19.
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