CAD sliced into half

870

Staff Reporter

Karachi

The Current Account Deficit (CAD) for 2MFY20 declined by 55% to reach USD 1.29bn from USD 2.85bn. For the month of Aug’19, the CAD declined by 9.4% MoM | 14.7% YoY to reach USD 614mn as import of goods touched a 6-month low of USD 3.5bn.
Primary reason for decline in CAD was lower trade deficit (-40% for 2MFY20) driven by lower imports (-23.4% YoY).
Workers’ remittances declined by 8.4% YoY to reach USD 3.73bn as the Aug’19 remittances witnessed a decline of 17.1% MoM | 19.1% YoY to USD 1.69bn.
During the past two months, lower imports saved USD 2.36bn, thereby reflecting in decline in CAD by USD 1.56bn.

Previous articlePresident stresses need to adopt AI, modern techs
Next articleTECNO partners with Airlink to expand distribution