Karachi July 18 2023: Pakistan Current Account Balance (CAB) increase to USD 334 million surplus in June 2023 from surplus of USD 220 million in May 2023, according to data released by State Bank of Pakistan.
Cumulatively CAD reduced to USD 2.55 billion in FY23 against a deficit of USD 17.48 billion during the same period last year.
Country goods imports increased to USD 3.2 billion in June 2023 compared with USD 3.8 billion in previous month. Moreover, good exports were decreased to USD 2.1 billion in June 2023 from USD 2.6 billion in the previous month this year.
Cumulatively, goods imports decreased by 27 percent to USD 51.9 billion while goods exports decreased by 14 percent to USD 27.9 billion.
Pakistan workers’ remittances recorded an inflow of USD 27.0 billion during fiscal year 2023, according to State Bank of Pakistan.
Workers’ remittances recorded an inflow of USD 2.2 billion during June 2023, which is 22 percent lower than that of corresponding period last year.
In terms of growth, during June 2023, remittances increased by 4 percent on m/m and decreased by 22 percent on y/y basis.
With cumulative inflows of USD 27.0 billion during FY23, workers’ remittances decreased by 13.6 percent as compared to last year
Remittances inflow during fiscal year 2023 was mainly sourced from Saudi Arabia (USD 6.4 billion down 17 percent), United Arab Emirates (USD 4.6 billion down 20 percent), United Kingdom (USD 4.1 billion down 10 percent) and United States of America (USD 3.1 billion increased by 0.1 percent).
