Karachi: The current account deficit of Pakistan fell by 47% in January 2019, with a corresponding growth in exports, – according to a news report. The deficit in January 2019 decreased to USD 809 million, from the USD 1.544 billion figure recorded in December 2018. A recent State Bank statistics report revealed these changes.
Furthermore, the cumulative deficit recorded for the first seven months of this fiscal year fell by 16 % to USD 1.7 billion, compared to the same time period of the last fiscal year. The amount of this cumulative deficit has been tabulated at USD 8.424 billion, with foreign exchange reserves seen to erode by USD 1.2 billion on average. The rupee depreciation is expected to impact trade statistics in a three-month timeframe.
As per reports, exports have grown by 1.6% – from USD 13.931 billion to USD 14.15 billion. However, the volume of imports also increased in this time period.
Another improvement seen is the decrease in the balance of trade in services from USD 3.20 billion to USD 2.09 billion. Remittances also increased in the initial seven months of the fiscal year, showing a growth rate of 5%.
