The current account deficit fell sharply in February, 2022 to $0.5bn, the lowest in FY22 and only one-fifth the level in January, a data released by State Bank of Pakistan (SBP) said on Saturday.
The data shows that the current account deficit plunged from $2.53 billion in January 2022 to $545 million in February while during seven months (Jul-Feb) of current fiscal year, the current account deficit was recorded at $12.1 billion. “The exports were close to all-time highs, rising 16% compared to Jan. Imports fell by 18% to their lowest level in FY22,” the SBP said on its official twitter handle. According to detail the exports of goods rose to $2.9 billion in February in February from $2.5 billion in the preceding month. The imports on the other hand fell sharply to $5.166 billion in February from $6.3 billion in the preceding month. The overall trade deficit also shrank to $2.281 billion compared to the deficit of $3.8 billion in January 2022. Similarly the trade deficit in services also shrank to $284 million in February compared to the deficit of $485 million in January, whereas the primary income deficit also shrank to $287 million compared to $504 million in January.—APP
