Pakistan’s current account deficit (CAD) shrank significantly in July 2024, declining by 78% to $162 million, the State Bank of Pakistan (SBP) reported.

Last month, comparatively, the current deficit was $741 million in the same period the previous year, according to data from the SBP.

However, the deficit was higher than expected, due to a larger trade deficit of $2.4 billion reported by SBP in July, compared to the $1.97 billion trade deficit reported earlier.

The SBP’s deficit numbers are lower than those reported by the Pakistan Bureau of Statistics (PBS).

Compared to the previous month, July’s current account deficit was 48% higher, reaching $313 million.

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Current account deficit shrinks 46pc in Jul-Oct

Import ban pushes Pakistan back to budget account surplus

Trade deficit narrows by 21.42% as exports increase to $7.125 billion in Q1

Pakistan’s exports surged by 13% in July 2024, reaching $2.39 billion compared to $2.1 billion in the same period the previous year.

Imports, on the other hand, spiked by 16% to $4.8 billion, up from $4.1 billion in July 2023.

Remittances sent by overseas Pakistanis saw a substantial increase of over 48%, rising to $2.99 billion in July 2024 compared to $2 billion in the same month the previous year.