Pakistan’s current account posted a deficit of $162 million in July 2024, a massive 78% lower than the deficit of $741 million in the same month of the previous fiscal year, revealed data released by the State Bank of Pakistan (SBP) on Monday, reported 24NewsHD TV channel.

In July 2024, the country’s total export of goods and services amounted to $3.013 billion, up by 11% as compared to $2.706 billion in same month of the previous year

Meanwhile, imports clocked in at $5.6 billion during July 2024, a jump of over 12% on a yearly basis, according to SBP data.

Worker remittances clocked in at $2.995 billion, as increase of 48% as compared to the previous year.

Low economic growth along with high inflation have helped curtail Pakistan’s current account deficit with an increase in exports also helping the cause. A high interest rate and some restrictions on imports have also aided the policymakers’ objective of a narrower current account deficit.

On a monthly basis, Pakistan’s current account lowered by 48% in July 2024 compared to a revised deficit of $313 million in June 2024, the SBP data revealed.

Pakistan’s exports of goods and services lowered by 2%, as compared to $3.081 billion in June 2024, while imports lowered by 1.3%, as compared to $5.675 billion in June 2024.

Reporter Ashraf Khan