Karachi July 27 2022: As foreshadowed by earlier PBS data, a surge in oil imports saw CAD rise to $2.3bn in June despite higher exports and remittances.
“So far in Jul oil imports are much lower & deficit is expected to resume its moderating trajectory.” says Pakistan Central Bank
Central Bank says, “3.3mn metric tons of oil was imported in June, 33% higher than in May. Together with higher global prices, this more than doubled the oil import bill from $1.4bn to $2.9bn. By contrast, non-oil imports ticked down.”
During the fiscal year 2022, which runs form July to June, country runs current account deficit of $17.4 billion when compared with current account deficit of $2.8 billion in fiscal year 2021.
