Current account posts $773 million deficit in July
KARACHI: The current account deficit has been recorded at $773 million in July 2021.
The imbalance in the current account may be attributed to higher trade deficit during the month under review.
The trade deficit was recorded at $3.1 billion in July 2021, compared with the deficit of $1.67 billion, showing an increase of 85.53 per cent.
The exports of the country recorded 16.44 per cent growth to $2.33 billion in the first month of the fiscal year 2021/22, compared with $2 billion in the same month of the last year.
The import bill grew 48 per cent to $5.43 billion in the month under review, compared with $3.67 billion in the same month of the last fiscal year.
However, the inflows of workers’ remittances offset a major deficit in the current account. The central bank received $2.71 billion as workers’ remittances in July 2021. The remittances continued their trend remaining over $2 billion for the 14th consecutive month.
This is the second highest-ever level of remittances reported in July, according to the SBP.
The country posted a current account deficit of $1.62 billion in June 2021. The full-year 2020/21 current account deficit stood at $1.82 billion.
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