Current Account Deficit Falls to $464 Million in Pakistan

News Desk2 weeks ago

The recovery was ascribed to a noteworthy reduction in the trade imbalance, which dropped by 87% in the same time frame.

The current account deficit was $27 million as of May 2024. The trade numbers for the month showed a $2.3 billion trade imbalance, with imports of $5.93 billion and exports of $3.69 billion. In 2024, the total deficit resulting from trade, services, and revenue was $3.66 billion.

The current account balance was positively impacted by worker remittances in May, totaling $3.24 million. However, throughout the course of the 11 months, the current account balance was slightly negative, at $46.40 million.

Pakistan’s trade imbalance was $19.72 billion between July 2023 and May 2024, with imports totaling $48.40 billion and exports substantially lower at $28.67 billion.

Over the course of the 11 months, $29.37 billion was recorded as the total loss from commerce, services, and income. The reported amount of worker remittances during this time frame was $27.9 million.

Read more: US Dollar Gains 09 Paisa Against Pakistani Rupee

Pakistan is now in negotiations with the International Monetary Fund (IMF) to extend its existing bailout period with the lender in order to support the $9.13 billion foreign exchange reserves held by its central bank.

 

Leave a Reply

Your email address will not be published.