AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Print

C/A posts over $17bn deficit in FY22

  • Huge deficit driven by massive increase in goods import bill
Published July 28, 2022
Follow us

KARACHI: The country’s current account posted over $17 billion deficit during the last fiscal year (FY22) due to massive increase in goods import bill. The State Bank of Pakistan (SBP) on Wednesday reported that the current account deficit rose by 531% during FY22.

Overall, the current account deficit was $17.4 billion in FY22 compared to $2.8 billion in FY21, depicting an increase of $14.6 billion.

The CAD in FY22 is four-year high as previously $18.1 billion deficit was recorded in FY18.

On a month-on-month basis, the current account recorded a deficit of $2.275 billion for the month of June 2022 compared to deficit of $1.637 billion during June 2021.

On a year-on-year basis, the primary reason behind the deficit was 17% year-on-year increase in total imports to $8.4 billion in June 2022.

Pakistan’s current account deficit clocks in at $1.43bn in May 2022

According to SBP, a surge in oil imports saw current account deficit rise to $2.3 billion in June despite higher exports and remittances.

So far in July, oil imports were much lower and deficit was expected to resume its moderating trajectory, the SBP added.

SBP in a tweet further said that 3.3 million metric tons of oil was imported in June, 33% higher than in May. Together with higher global prices, this more than doubled the oil import bill from $1.4 billion to $2.9 billion. By contrast, non-oil imports ticked down.

An analyst at Arif Habib Limited said the primary reason behind the deficit was 17% increase in total imports to $8.4 billion in June 2022. However, total exports and remittances also increased by 23% and 2% on year-on-year during June 2022, respectively.

Copyright Business Recorder, 2022

Comments

Comments are closed.

C/A posts over $17bn deficit in FY22

Pak diplomat escapes assassination attempt at Kabul

FY22 trade with US soars 38.3pc to $10.5bn YoY, NA told

Nov POL products’ sales down 12pc to 1.55m tons YoY

PM urges Chinese co to invest in renewable energy sector

PM seeks reform plan: Power sector PDM govt’s Achilles heel

SPI down on decrease in food prices: PBS

Import of urea: PPRA refuses to give fresh exemption

OPEC set to stick or cut more amid plan to cap Russian oil price

Muttaqi speaks to Bilawal

US designates four AQIS, TTP leaders as SDGTs