Pakistan’s current account deficit (CAD) shrank by more than 50 percent during the first five months of this fiscal year (FY23) due to a lower import bill and a marginal increase in exports. The deficit during November alone was recorded at $0.28 billion.

The State Bank of Pakistan (SBP) on Friday reported that cumulatively, the country recorded a current account deficit amounting to $3.1 billion in Jul-Nov FY23 compared to $7.2 billion in the same period of the previous fiscal year, a decline of $4.1 billion.

“In November 22, the current account deficit shrank to $0.28 billion from $0.57 billion in October 22,” the central bank said.

The decline in the current account deficit comes as imports reduced by $4.8 billion (or 16%), while exports broadly remained unchanged.