Pakistan’s current account deficit decreased by over 85 percent on ayear-on-year (YoY) basis to clock in at $0.28 billion in November, datareleased by the State Bank of Pakistan (SBP) showed on Friday.
The country had posted a deficit of $1.9 billion in November 2021. On amonth-on-month (MoM) basis, the current account deficit decreased by 51percent, compared to the $0.57 billion recorded in October.
The data released by the central bank showed that the deficit during thefirst five months of the current fiscal year (5MFY23) declined by 57percent to $3.1 billion, compared to a deficit of $7.2 billion recordedduring the first five months of the previous fiscal year (5MFY22).
In its brief statement shared on Twitter, the central bank highlighted thatduring the five-month period the country’s imports have decreased by $4.8billion while exports have remained broadly unchanged.
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After falling to $0.36 billion in September due to stringent importrestrictions, the deficit had surprisingly risen in October to $0.57billion.