Pakistan’s Current Account Deficit Shrinks to $8 Million in September

Pakistan’s current account deficit improved by $156 million to just $8 million in September 2023 compared to a deficit (revised) of $164 million recorded in the previous month.

According to data released by the State Bank of Pakistan (SBP) on Thursday, the current account deficit (CAD) in September 2023 also declined compared to a deficit of $360 recorded in the same month of the previous fiscal year (FY23).

The month-on-month decline in September 2023 stood at 95 percent while on a year-on-year basis, the current account deficit declined by 95 percent.

The country’s total exports in September 2023 stood at $3 billion, up 1 percent both on a month-on-month and year-on-year basis. On the other hand, imports stood at $4.8 billion, down 6 percent month-on-month and 14 percent year-on-year.

Remittances sent by overseas Pakistanis stood at $2.2 billion in September 2023, an improvement of 5 percent over the previous month but down 11 percent compared to the same month of FY23.

The current account deficit for the first three months of the current fiscal year (1QFY24) stood at $947 million, down 58 percent compared to a deficit of $2.25 billion recorded in the same quarter of FY23.

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