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Pakistan

Pakistan’s current account deficit clocks in at $74m in October

  • Total imports stand at $5.17bn against $5.35bn in the same period of previous year
Published November 20, 2023

Pakistan’s current account posted a deficit of $74 million in October 2023, showed data released by the State Bank of Pakistan (SBP) on Monday.

On a yearly basis, the CAD was significantly lower, i.e. over 91%, than the $849 million recorded in the same month last year.

However, on a monthly basis, the deficit was 61% higher than $46 million recorded in September.

As per the central bank data, the country’s exports (goods and services) increased to $3.418 billion in October 2023 against $2.902 billion in October 2022, relecting a jump of 18%.

On the other hand, total imports lowered by 3% to $5.17 billion in October 2023 against $5.35 billion in the same period last year.

According to the SBP, Pakistan posted a current account deficit of $1.06 billion in July-October of FY24 as compared to a deficit of $3.1 billion during the same month of last fiscal year (FY23), depicting a massive decline of over $2 billion.

The central bank in its last Monetary Policy Committee (MPC) meeting, held on October 30, noted a substantial improvement in the current account balance, as the deficit narrowed over 58% YoY to $947 million in Jul-Sep FY24, while almost leveling out in September 2023.

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 $7.6 billion, according to the latest data.

Comments

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Imran Nov 20, 2023 06:06pm
Ban should be imposed on all used vehicles except hybrid or p.h.v, complete ban on all luxury items as well as vehicles, only raw material and strictly necessary item should allow for import, localisation should inhance, export should increase, only this way we can come out with our external deficit crisis
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SAd Nov 20, 2023 09:48pm
Pakistan and its people have to suffer because of stringent policies to avoid default but we are now stabilizing
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