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KARACHI: Pakistan’s current account deficit — the gap between the country’s higher foreign expenditure and low income — widened to $809 million in July 2023 after reporting a surplus for four successive months.
The deficit was lower when compared with $1.26 billion in July 2022, but is in stark contrast to the figure in June 2023 when the current account posted a surplus of $500 million, showed data released by the State Bank of Pakistan (SBP) on Friday.
Current Account Deficit (CAD) recorded at $0.8 billion in Jul 2023 against a deficit of $1.3 billion in Jul 2022.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/h07hbdjh1N
— SBP (@StateBank_Pak) August 18, 2023
As per the central bank data, the country’s exports (goods and services) decreased to $2.654 billion in July 2023 against $2.743 billion in July 2022.
On the other hand, total imports stood at $5.03 billion in July 2023 against $6.07 billion in the same period last year.
Last month, Pakistan’s current account had posted a surplus for the fourth successive month.
