LAHORE – Pakistan’s current account posted a surplus in June 2023 for the fourth successive month.
From March 2023 onward, current account is posting surplus on monthly basis.
According to the data released by the State Bank of Pakistan (SBP) on Tuesday, the current account posted a surplus of $334 million last month. During June 2022, the current account posted a deficit of $2.32 billion.
Current Account recorded a surplus of $334 million in Jun 2023.https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/llVGIKiKNa
— SBP (@StateBank_Pak) July 18, 2023
Major reason behind the current account surplus is considerable decline in total imports due to restrictions in the wake of depleting foreign exchange reserves.
Pakistan’s exports were recorded $2.698 billion in June 2023 as against $3.794 billion in June 2022.
Total imports reached $3.847 billion in June 2023 compared to $8.533 billion in the same month last year.
The country’s current account deficit fell 85.37 percent during fiscal year 2022-23 due to lower import bill.
Pakistan posted a $2.557 billion current account deficit during FY23 compared to $17.481 billion during the previous fiscal year.
The import bill stood at $60 billion during FY23 as against $84.49 billion due to regulatory steps to check imports to reduce pressure on foreign exchange reserves.
Exports also saw downward trend and reached $35.2 billion during FY23 as against $39.6 billion during the previous fiscal year.
