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Current account deficit shrinks by 74pc in 11 months

Current account deficit shrinks by 74pc in 11 months

 

KARACHI: Current account deficit has declined by 74 percent during first eleven months of current fiscal year owing to significant slump in import bill.

The current account deficit shrank to $3.288 billion during July – May 2019/2020 as compared with deficit of $12.453 billion in the corresponding period of the last fiscal year, according to Balance of Payment (BOP) released by State Bank of Pakistan (SBP) on Wednesday.

The import bill of the country fell by 19 percent during July – May 2019/2020, according to Pakistan Bureau of Statistics (PBS).

The imports of the country were at $40.86 billion during first eleven months of the current fiscal year as compared with $50.41 billion in the corresponding period of the last fiscal year.

The trade deficit also shrank by $28 percent to $21.06 billion during first eleven months of current fiscal year as compared with trade deficit of $29.15 billion in the same period of the last fiscal year.

The exports of the country also fell by 7 percent to $19.8 billion during eleven months of current fiscal year as compared with $21.25 billion in the corresponding period of the last fiscal year.

However, inflows of remittances posted 2.7 percent growth to $20.65 billion during July – May 2019/2020 as compared with $20.10 billion in the same period of the last fiscal year.