Karachi: According to press reports, the State Bank of Pakistan (SBP) recorded a 24.48 percent decrease in the Current Account Deficit (CAD) in September.
The CAD has dropped from USD 1.47 billion in August to USD 1.1 billion now. According to estimates, the decrease in CAD is mostly due to high increases in exports and remittances of 31% and 17%, respectively, in September compared to the same month last year. In September, the goods trade deficit expanded by 5.9%, while the services sector increased by 65.2 percent year over year.
According to reports, Pakistan exported USD 2.64 billion in commodities versus USD 6.07 billion in imports, with service exports falling to USD 551 million from USD 668 million in September last year. However, data shows a USD 3.4 billion deficit in the first quarter of fiscal year 2021-22, compared to a USD 865 million surplus in the same period last year.