Karachi September 15 2023: Pakistan's Current Account Balance (CAB) fell to USD 160 million in August 2023 compared to a deficit of USD 775 million in July 2023 and thus improved by USD 615 million. This data was released by the State Bank of Pakistan.
The country's imports of goods surged to USD 4.3 billion in August 2023, in contrast to the USD 4.2 billion recorded in the previous month. Meanwhile, goods exports increased significantly by 14.2 percent to USD 2.4 billion in August 2023, mirroring the figures from the previous month.
During Aug 2023, Pakistan's workers' remittances recorded an inflow of USD 2.1 billion, as reported by the State Bank of Pakistan. However, these remittances experienced a increase of 3.1 percent month on month in terms of growth.
Remittances inflows during August 2023 were mainly sourced from Saudi Arabia (USD 490.1 million), United Kingdom (USD 331.3 million), United Arab Emirates (USD 308.0 million) and United States of America (USD 262.4 million).