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Pakistan’s current account deficit clocks in at $809mn in July, highest since October 2022

  • Total imports stand at $5.03bn against $6.07bn in the same period of previous year
Published August 18, 2023

After reporting a surplus for four successive months, Pakistan’s current account posted a deficit of $809 million in July, the highest since October 2022, showed data released by the State Bank of Pakistan (SBP) on Friday.

The deficit was lower when compared with $1.26 billion in July 2022, but is in stark contrast to the figure in June 2023 when the current account posted a surplus of $500 million.

As per central bank data, the country’s exports (goods and services) decreased to $2.654 billion in July 2023 against $2.743 billion in July 2022.

On the other hand, total imports stood at $5.03 billion in July 2023 against $6.07 billion in the same period last year.

Last month, Pakistan’s current account had posted a surplus for the fourth successive month.

The current account is a key figure for cash-strapped Pakistan that relies heavily on imports to run its economy. A widening deficit puts pressure on the exchange rate, and drains official foreign exchange reserves that stood at a little over $8 billion, according to the latest data.

Comments

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Ash Chak Aug 18, 2023 06:52pm
Imports are twice that of exports. How long will remittances bail out Pakistan?
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Shahid Khan Aug 18, 2023 07:23pm
Things would exacerbate even further till we allow the system to work
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Merg Aug 18, 2023 09:57pm
Indians are about to land on Moon...and Pakistani General's arrogance of ignorance has already landed the country in hell!
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Jerry Aug 19, 2023 04:11am
@Merg, and they do not have any realization of what they have done!
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Kaleem Aug 24, 2023 01:19am
@Ash Chak, If the difference in bank rate and open market rate of foreign currencies continues, official remittances will start to slip. That would be another disaster.
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