KARACHI: *Pakistan ‘s current account deficit registers massive decline inApril 2020.*
The country’s current account deficit in April 2020 stood at $572 million,a decline of 50.9pc when compared to the $1.165 billion deficit recorded inApril 2019, according to data released by the State Bank of Pakistan onThursday.
The current account deficit stood at $3.343 billion during the first tenmonths of fiscal year 2020, a decline of 71pc when compared to the $11.284billion deficit recorded in the corresponding period last year.
Most of this was driven by the decline in total imports, which fell 26pc to$3.744 billion in April 2020, compared with $5.063 billion in April 2019.
However, total exports of goods also fell 19.6pc to $1.807 billion in April2020, compared with $2.570 billion in April 2019.
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Additionally, there was a 1.1pc rise in the inflow of workers’ remittances,which were recorded at $1.79 billion in April 2020.
During the first ten months of the fiscal year 2020, the total deficit ingoods and services balance stood at $19.1 billion, a decline of 30pc fromthe deficit of $27.2 billion recorded in the corresponding period of lastyear.
