Friday, October 7, 2022

Pakistan: CAD declined by 72% YoY in Feb’19


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Current Account Deficit (CAD) during Feb’19 displayed a drop of 72% YoY / 59% MoM to USD 356mn. Major reason for this compression in CAD was 27% YoY / 23% MoM reduction in trade deficit on goods along with 54% YoY / 7% MoM decline in deficit of services.

Dip in imports of goods to USD 3.5bn (29 months low, -19% YoY / -20% MoM) was the major reason behind the improvement in balance of trade.

During 8MFY19, the Current Account Deficit shrank by 23% YoY to reach USD 8.84bn. Higher remittances contributed the most (up by USD 1.5bn or 59% of total compression in CA deficit).

In addition, reduction in deficit of trade in services contributed approx. USD 1.3bn or 51% of total improvement in Current Account.

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