Pakistan’s Current Account deficit decreases by 71 percent in FY20

March 18, 2020 (MLN): Pakistan’s current account deficit for the first eight months of Fiscal Year 2020 stood at USD 2.843 Billion compared to USD 9.817 billion from the corresponding period of last year, showing an improvement of USD 6.974 Billion or 71 percent.

During the month of February 2020, Pakistan posted a deficit of USD 210 million compared to a deficit of 534 million in January, showing an improvement of almost 60 percent.  Similarly, compared to February 2019, the deficit improved by USD 0.128 billion or 38 percent.

The trade deficit in Goods improved by 33.70 percent  to 13.217 Billion in the first 8 months of FY20 as exports improved by 2.65 percent to USD 16.434 billion while imports decreased by 17.51% to USD 29.651 billion.

Trade balance in services, while still negative, also improved by 10.19 percent courtesy of a 1.19 percent reduction in imports while the exports increased by 5.56 percent.

Worker remittances in the eight months of FY20 improved by 5.37 percent to USD 15.126 billion from USD 14.355 billion in the corresponding period of FY19.

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