Karachi August 18 2023: Pakistan’s Current Account Balance (CAB) took a negative turn, reaching USD 809 million in July 2023, following a surplus of USD 504 million in June 2023. This data was released by the State Bank of Pakistan.
The country’s imports of goods surged to USD 4.2 billion in July 2023, in contrast to the USD 3.1 billion recorded in the previous month. Meanwhile, goods exports remained stagnant at USD 2.1 billion in July 2023, mirroring the figures from the previous month.
During July 2023, Pakistan’s workers’ remittances recorded an inflow of USD 2.0 billion, as reported by the State Bank of Pakistan. However, these remittances experienced a decline of 19.3 percent year on year and 7.2 percent month on month in terms of growth.
Notably, the inflow of remittances during July 2023 predominantly came from Saudi Arabia (USD 487 million), the United Arab Emirates (USD 315 million), the United Kingdom (USD 305 million), and the United States of America (USD 238 million).
