Karachi July 19 2024: Pakistan’s current account deficit decreased by 79 percent year on year in fiscal year 2024, dropping to USD 681 million from USD 3.2 billion reported the previous year, according to data released by the State Bank of Pakistan.
The primary reasons for this improvement are the reduction in the deficit of the balance of trade in goods and the increase in remittances.
The deficit in the balance of trade in goods decreased by 11 percent in fiscal year 2024, falling to USD 22.1 billion from USD 24.8 billion last year, while the deficit in services increased to USD 2.3 billion from USD 1.0 billion.
The country cleared USD 8.6 billion in repayments of interest and dividend payments.
Workers’ remittances increased by 10.7 percent during FY24, with an inflow of USD 30.3 billion compared to USD 27.3 billion recorded in FY23.
