PTI government saves $1 billion in current account deficit in FY 2018-19
ISLAMABAD - PTI government has saved approximately $1 billion in the first five 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 attributable to a shortfall in remittances as they plunged 19.58% to $1.608 billion compared to $1.92 billion in October, a decline in exports of 8% ($164 million) and imports fell by 9.4% ($446 million).
Primary income deficit fell by 8.6% ($44 million) and secondary income decreased by 10.7% ($230 million) MoM to $1,926 million.
An improvement of $144 million on account of trade deficit was counterbalanced by a $391 million decrease in remittances.
The devaluation of the rupee has failed to boost exports during the first five months (July-November) of FY19, as they rose a meagre 1% to $9.120 billion 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 $14.51 billion, down 2% YoY against $14.81 billion in the corresponding period of last year.