The overall trade deficit also shrank to $2.94 billion as compared to the deficit of $3.63 billion in August 2021


Islamabad: The current account deficit shrank to $0.7 billion in August compared to $1.2 billion in July 2022, largely reflecting a continued moderation in overall imports, a data released by State Bank of Pakistan (SBP) said on Thursday.
Cumulatively, in Jul-Aug of current fiscal year (FY23), Current Account Deficit (CAD) declined by $0.5 billion to $1.9 billion compared to the same period last year mainly due to increase in exports by $0.5 billion and contraction in imports by $0.2 billion.
According to the data, the exports of goods rose from US$ 2.34 billion in August 2021 to $2.81 billion in same month of current fiscal year. The imports of goods decreased from $5.96 billion to $5.75 billion in the month under review.
The overall trade deficit also shrank to $2.94 billion as compared to the deficit of $3.63 billion in August 2021.
Similarly the trade deficit in services, also shrank to $361 million in August as compared to the deficit of $388 million in same month of previous year.
Deficit of primary income declined to $168 million in August 2022 as compared to $377 million in same month of the previous year.
The combined deficit of goods, services, and primary income also declined to $3.3 billion in the corresponding month while during same month of last year, the deficit was recorded at $4.016 billion.
Workers’ remittances increased to $2.724 billion against $2.68 billion in August 2021.

Punjab forms committee to resolve matter of references against opposition MPs
- 15 hours ago

Yanks' Rodon replaces Fried on AL All-Star team
- 26 minutes ago

Galaxy Z Fold 7 hands-on: Samsung finally made the foldables we’ve been asking for
- an hour ago

Samsung Galaxy Unpacked 2025: the 7 biggest announcements
- an hour ago

Trump says Mexico, EU to face 30pc tariff from Aug 1
- 11 hours ago
PTI caravan reaches Lahore; four detained
- 8 hours ago

MQM founder Altaf Hussain’s health condition ‘getting better’: leader
- 10 hours ago

DSP wounded in South Waziristan attack succumbs to his wounds
- 14 hours ago

Gold prices surge in Pakistan, global markets
- 12 hours ago
Pakistan won’t send hockey teams to India: govt sources
- 10 hours ago
'It's their fundamental right to visit Pakistan', says Salman Raja on return of Imran Khan's sons
- 13 hours ago

PM Shehbaz vows to prioritise reforms, structural overhauls for economic growth
- 11 hours ago