Pakistan's current account deficit declines to $229m in January
Last updated on: 23 February,2021 02:18 pm
Machinery imports continued to grow at double-digits.
KARACHI (Web Desk) - Pakistan’s current account deficit has reduced to US$229 million in January 2021 from US$652 million last month and US$512 million in the same month a year ago.
However, during 7MFY21, the current account still showed a surplus of US$912 million compared to a deficit of US$2,544 million in the corresponding period from last year.
According to State Bank of Pakistan (SBP), compared to January 2020, exports grew steadily while remittances continued their record expansion. Imports of wheat and sugar to address domestic shortages, and palm oil, were significantly higher.
Machinery imports continued to grow at double-digits, reflecting economic recovery, the central bank added.