Current Account Deficit decreases by 71% during Jul-April FY20
ISLAMABAD: Pakistan’s Current Account Deficit (CAD) during July-April FY20 has decreased by 71% YoY to stand at $3.343 billion compared to the deficit of $11.449 bilion in the corresponding period of last year.
Whereas, in the month of April 2020 alone, CAD has jumped significantly by 63.56% MoM to $572 million compared to $9 million in March 2020.
On yearly basis, CAD in April 2020 has improved by 51% YoY as it stood at $1.16 billion in April 2019.
The trade deficit in Goods improved by 29% YoY to $16.4 Billion in the first 10 months of FY20 as imports declined by 17% YoY to $36 billion while exports also decreased by 2% YoY to $19.65 billion.
Trade balance in services, while still negative, also improved by 33% courtesy of a 19% YoY reduction in imports though the exports also decreased by 8% YoY.
Worker remittances in the first 10 months of FY20 improved by 5% YoY to $18.78 billion from $17.8 billion in the corresponding period of FY19. – MLN