KARACHI – Pakistan’s current account deficit has risen to unprecedentedlevels for the month of July.
The deficit has ballooned by 14 percent in July 2018.
As per the details garnered, the current account deficit expanded to $2.2billion in July 2018 as compared with the deficit of $1.93 billion in thecorresponding period of the last fiscal year.
During 2017-18, the current account deficit amounts to $18 billion.
As a percentage of GDP, current account deficit stands at a negative 8.6%of the GDP, while during the same month last year, current account deficitaccounted for a negative 7.1% of the GDP.
According to provisional data released by the State Bank, exports of goods(FOB) during July rose by 10.3% over the year as the country exported goodsworth $2 billion in July, while the growth in imports surpassed that ofexports, having grown at a pace of 19.8% during that period.
Compared to $2 billion in exports, the value of imports stood at $5.566billion, resulting in a trade deficit of $3.557 billion.