A substantial decrease in imports and an increase in exports helped the country lower its current account deficit in the first four months of the ongoing fiscal year, falling to $570 million during October 2022 against a deficit of $1.22 billion in July 2022. Data released by the State Bank of Pakistan shows the country’s current account deficit standing at $2.8 billion from July to October for the ongoing fiscal year 2022-23. By contrast, during the same period last year, the deficit stood at $5.31 billion.

The narrowing of the account deficit came after Pakistan’s imports fell by 11.6% in the first four months of fiscal year 2022-23 while exports saw a marginal increase by 2.6%. The data showed that the country’s current account deficit was $5.3 billion during July-October (FY-2021). However, month on month, the deficit increased from September to October. Pakistan’s current account deficit stood at $570 million in October, up from $360 million in September. Last year in October, the deficit stood at $1.78 billion.

Credit : Independent News Pakistan-INP