Karachi January 18 2023: Pakistan's Current Account Deficit (CAD) fell to USD 400 million in December 2023 compared to USD 252 million in November 2022, revealed by State Bank of Pakistan on Wednesday.
Cumulatively, Jul-Dec FY23 CAD declined by USD 5.4 billion to USD 3.7 billion compared to the same period last year mainly due to increase in exports by USD 1.0 billion and contraction in imports by USD 6.5 billion.
Encouragingly, traded deficit narrowed by 8 percent in December to USD 1,923 million compared with $2,092 million in November on the back of 2.4 percent increase in exports and 2.6 percent decrease in imports of goods.
Meanwhile, the trade of balance in services, continue to remain in positive, increased by 37 percent month-on-month on the back of a 1.8 percent increase in exports and 0.2 percent decrease in exports. The trade of balance in services stood at USD 48 million in December compared to USD 35 million in November 2022, the data showed.
Workers’ remittances recorded an inflow of US$2.0 billion during December 2022, decreased by 3.2 percent on month on month and by 19.0 percent on year on year basis. Remittances inflows during Dec 2022 were mainly sourced from Saudi Arabia ($516.3 million), United Arab Emirates ($328.7 million), United Kingdom ($314.2 million) and United States of America ($230.5 million).