KARACHI: Pakistan’s current account deficit has increased to $1.028 billion in the month of March 2022 as compared to deficit of $369 million in the same month last year. According to data released by the State Bank of Pakistan, the country’s current account deficit increased to $13.169 billion in the first nine months of the current fiscal year (FY22) as compared to deficit of $275 million recorded in the corresponding period in FY21. In the month of February 2022, the current account deficit was $519 million that has increased by 98 percent in March 2022 to $1.028 billion.

In the fiscal year FY21, the current account deficit was at $2.820 billion while in FY20 the current account deficit was at $4.449 billion.

According to SBP data, the deficit in goods trade increased to $3.172 billion in March 2022 against a deficit of $2.776 billion in the same month in last fiscal year while the deficit in services trade stood at $264 million in March 2022 against a deficit of $188 million in services trade in the same month in 2021.

Pakistan's current account deficit reduces massively to $545mn in February

In the first nine months of FY22, the cumulative deficit in trade in goods increased to $30.097 billion as compared to a deficit of $19.349 billion in the same period in FY21.

The workers’ remittances increased to $22.952 billion in the first nine months of current fiscal year (FY22) as compared to $21.436 billion in the same period in FY21. Only in the month of March 2022, the workers’ remittances stood at $2.810 billion against $2.723 billion recorded in the same month in FY21.

Copyright Business Recorder, 2022