KARACHI (Web Desk) - The country's current account deficit (CAD) shrank to $8 million in September this fiscal year from $164m during August of the current fiscal year, the State Bank of Pakistan (SBP) says.
In an X post, the central bank reveals that imports plunged to $3.99 billion in September as compared to $4.28bn in August. Exports witnessed a modest increase from $2.43bn to $2.47bn. The CAD for September was $360bn in FY23.
The goods trade deficit decreased to $1.512bn in September 2023 as compared to $1.850bn in August 2023 and $2.457 billion in September 2022.
An Economic Outlook Report issued by the Ministry of Finance in September states that a gradual increase in worker’s remittances was noted in the months of August and September on a year-on-year basis.
Current Account Deficit (CAD) fell to $8 million in September 2023 compared to a deficit of $164 million in August 2023, and thus CAD improved by $156 million.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/DGXEyF6C37
— SBP (@StateBank_Pak) October 19, 2023According to the SBP, the remittances from overseas Pakistani workers jumped to $2.206bn in September 2023 against $2.095bn in August 2023.
Pakistan’s main export markets particularly US, UK, Euro Area and China’s monthly CLI positions indicate an upward trend, indicating positive prospects for export growth in the months to come, the report further states.