Pakistan's current account deficit has increased to $5.47 billion due to declining exports and workers' remittances in the eight months of running fiscal year. According to data issued by the State Bank of Pakistan, the current account deficit was recorded at $5.47 billion during the period from July 2016 to February 2017 as compared to $2.48 billion deficit recorded in the similar period of the last fiscal year.
The data shows that the country's exports decline to $14.05 billion in the 8 month period of running fiscal year against $14.3 billion worth of goods exported in the corresponding period last year. On the other hand, the country's imports increased to $29.4 billion in this period and the balance of trade in goods recorded at $15.3 billion in this period against $12.13 billion in the 8 months of last fiscal year.
The services sector's exports were recorded at $3.5 billion while imports stood at $5.5 billion in this period. Services sector's deficit in the last fiscal was $1.9 billion. The accumulated balance of goods and services trade stood at $17.3 billion during the current fiscal year against $13.9 billion of the same period last year. On the other hand, the remittances inflows also declined to $12.3 billion in the running fiscal year against $12.6 billion of the same period of last fiscal year.
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