ISLAMABAD: The State Bank of Pakistan (SBP) said on Monday that the Current Account Deficit (CAD) for the first five months of the current fiscal year has drastically decreased to $1.16 billion from the $3.26 billion deficit during the same period last year.
SBP posted on the social media platform X (formerly Twitter), stating, “Current Account Deficit improved significantly to $1.16 billion in July-November FY24, from $3.26 billion in July-November FY23.”
On a year-on-year basis, the CAD showed a surplus of $9 million in November 2022, in contrast to a deficit of $157 million in November 2023.
Per the latest SBP figures, the merchandise trade deficit for July-November (2023-24) stood at $8,770 million, compared to the deficit of $13,427 million in July-November (2022-23).
Similarly, the services trade deficit was recorded at $1,124 million during FY2023-24, compared to the deficit of $317 million in the corresponding period of the previous year.
The overall trade deficit in goods and services amounted to $9,894 million during the current fiscal year, a decrease from the deficit of $13,744 million recorded last year. Meanwhile, the balance on primary income stood at a negative $2,957 million compared to $1,951 million last year, according to SBP data.
—APP
