ISLAMABAD – PTI government has saved approximately $1 billion in the firstfive months of the FY 2019 in the current account deficit.
Current account deficit nosedived 10.59% to $6.090 billion compared to$6.812 billion in the corresponding period of last year.
During November, the increase in current account deficit was attributableto a shortfall in remittances as they plunged 19.58% to $1.608 billioncompared to $1.92 billion in October, a decline in exports of 8% ($164million) and imports fell by 9.4% ($446 million).
Primary income deficit fell by 8.6% ($44 million) and secondary incomedecreased by 10.7% ($230 million) MoM to $1,926 million.
An improvement of $144 million on account of trade deficit wascounterbalanced by a $391 million decrease in remittances.
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The devaluation of the rupee has failed to boost exports during the firstfive months (July-November) of FY19, as they rose a meagre 1% to $9.120billion compared to $9.04 billion in the corresponding period of last year
During the period under review, imports declined 1% year-on-year (YoY) to$23.63 billion compared to $23.82 billion in the same period last year(SPLY).
For the first five months of FY19, trade deficit clocked in at $14.51billion, down 2% YoY against $14.81 billion in the corresponding period oflast year.
