Karachi June 19 2023: Pakistan Current Account Balance (CAB) increase to $255 million surplus in May 2023 from surplus of $78 million in April 2023, according to data released by State Bank of Pakistan.
Cumulatively CAD reduced to $2.94 billion in Jul-May FY23 against a deficit of $15.16 billion during the same period last year.
Country goods imports increased to USD 3.8 billion in May 2023 compared with USD 3.7 billion in previous month. However, good exports were also increased to USD 2.6 billion in May 2023 from USD 2.1 billion in the previous month this year.
Pakistan workers’ remittances recorded an inflow of USD 2.1 billion during May 2023, according to State Bank of Pakistan.
In terms of growth, during May 2023, remittances decreased by 4.4 percent on m/m and by 10.4 percent on y/y basis.
With cumulative inflows of USD 24.8 billion during first 11 months of FY23, workers’ remittances decreased by 12.8 percent as compared to the same period last year.
Remittances inflow during May 2023 was mainly sourced from Saudi Arabia (USD 524 million), United Arab Emirates (USD 335.8 million), United Kingdom (USD 306.5 million) and United States of America (USD 257.2 million).
