Pakistan’s current account deficit was $161 million as of August 2023, according to figures from the central bank.
The current account deficit for the months of July and August of this year was $171 million, compared to $939 million for the same time in the previous fiscal year.
According to experts, the 40% rise in remittances is the primary cause of the current account surplus.
August saw US$ 2.9 billion in offshore remittances to Pakistan, according to experts.
Comparing July of this year to July of last year, total exports increased by 11.3% YoY to $3.01 billion. In contrast to the $3.08 billion in exports the month before, it decreased by 2.2%.
Compared to the $4.99 billion in imports recorded in July of previous year, total imports increased 12.2% YoY to $5.6 billion. Imports decreased by 1.3% over the previous month.
