Current account deficit rises to $12.1 billion in eight months FY22

KARACHI: Pakistan’s current account deficit has clocked-in at $12.1 billion during the first eight months (July-February) of fiscal year 2021/22, compared with the surplus of $994 million during the same period of last fiscal year, according to data released by the State Bank of Pakistan (SBP).

The import bill of goods and services sharply grew 47 per cent to $54.98 billion during the first the period under review, compared with $37.21 billion during the corresponding period of the last fiscal year, the data revealed.

Meanwhile, the exports of the country posted a growth of 26 per cent to $25.10 billion during the first eight months of the current fiscal year, compared with $19.89 billion during the same months of fiscal year 2020/21.

The trade deficit widened 72 per cent to $29.87 billion during the period under review, compared with the deficit of $17.31 billion in the same period of the last fiscal year.

On a monthly basis, the exports of goods and services increased 14 per cent to clock in at $3.43 billion in February, compared with $3.01 billion in January.

The imports by the country fell 18 per cent to $5.99 billion in February 2022, compared with $7.32 billion in the previous month.