KARACHI: Pakistan’s current account deficit stood at $809 million in July 2023 as compared to a deficit of $1.261 billion during the same month of 2022.

The country’s current account was in surplus of $334 million in June 2023 while in the fiscal year FY23 the current account deficit stood at $2.56 billion.

The country’s current account maintained a surplus for previous four consecutive months leading up to July 2023, at which points it reverted to a deficit.

According to the lasted data released by the State Bank of Pakistan (SBP), the trade deficit in goods reduced by 36.2 percent on year-on-year basis however, the trade deficit in goods increased by 98.86 percent on month-on-month basis to $2.104 billion in July 2023 as the exports of goods declined by 4.56 percent YoY and 0.14 percent MoM.

The trade deficit in services increases massively to $273 million in July 2023 as compared to a deficit of $32 million in July 2022 and $125 million in June 2023.

On the other hand, the overseas workers’ remittances declined by 19.27 percent on year-on-year basis to $2.027 billion in July 2023 as compared to $2.511 billion came in the country during the same month in 2022. The overseas workers’ remittances declined by 7.31 percent on month-on-month basis, as $2.187 billion came in the country in the month of June 2023.

Copyright Business Recorder, 2023