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KARACHI: The country’s current account deficit declined to $8.0 million in September 2023 as compared to the current account deficit of $360 million in the same month in 2022.

The country’s current account deficit was $164 million in August 2023.

During the first three months of current fiscal year FY24 (from July 2023 to September 2023), the country’s current account deficit declined to $947 million as compared to $2.258 billion in the same period last year.

In the month of September 2023, country’s exports volume slightly increased to $2.474 billion as compared to $2.425 billion in August 2023 and $2.437 billion in September 2022.

Financial account not positive enough to cancel out rise in CAD: economist

On the other hand, the country’s imports volume declined to $3.986 billion in September 2023 as compared to $4.275 billion in August 2023 and $4.894 billion in September 2022. The goods trade deficit declined to $1.512 billion in September 2023 as compared to $1.850 billion in August 2023 and $2.457 billion in September 2022.

However, balance on trade in services slightly increased to $216 million in September 2023 against $198 million in August 2023 and $123 million in September 2022.

The remittances from overseas Pakistani workers increased to $2.206 billion in September 2023 against $2.095 billion in August 2023. The remittances of overseas Pakistani workers were $2.487 billion in September 2022.

Copyright Business Recorder, 2023

Comments

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SAd Oct 20, 2023 10:04am
Hopefully we can turn CA deficit to surplus during the last quarter of this year.
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Ahmad Din Oct 20, 2023 11:24am
Monetary tightening worked and devaluation of rupees controlled up to high extent. Govt should work on fiscal tightening and especially developmental projects scrutiny is utmost necessary to control commission and kickback culture in the execution of developmental projects. Especially departments like C&W, NHA, Public Health Engineering and TMA are still working on the basis of commission and people at the helm of affairs are taking commission for their services to a given percentage, although they are already taking salary for the service but in addition to salary they are taking commission which is a corrupt practice and needs to be controlled on immediate basis. Secondly from Tehsildar to Deputy Commissioner and Commissioner in administrative and revenue department corruption is at peak and life style of revenue Tehsildar is like a billionaire. From where these officials are getting money, the simple answer is corruption which needs to be controlled immediately.
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Haris Oct 20, 2023 03:55pm
@SAd, Inshallah. Allah karay but for this we need commitment and honesty with out country other wise we will be back to square just like from 75 years.
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Shahbaz Ali Oct 20, 2023 03:59pm
All time high international inflation caused by Covid and Ukraine war is receding now. This is helping by reducing imports value. Buying pattern of Pakistanis is also shifting away from expensive imported items. Exports have started to climb after a many months downwards trend due to high inflation in export markets. Hopefully things will keep getting better in coming months...
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