Pakistan’s Current Account Deficit (CAD) decreased by 78% in July 2024, dropping to $162 million from $741 million in the same month last year, according to the State Bank of Pakistan (SBP).
However, the deficit was higher than anticipated due to an increased trade deficit of $2.4 billion reported by the SBP in July, compared to $1.97 billion previously.
Moreover, the CAD for July was 48% higher compared to the $313 million deficit recorded the previous month.
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In addition, exports in July 2024 rose by 13% to $2.39 billion from $2.1 billion in the same month last year. Conversely, imports increased by 16% to $4.8 billion from $4.1 billion in July 2023.
Additionally, remittances from overseas Pakistanis surged by over 48% to $2.99 billion in July 2024, up from $2 billion in the same period last year.
