Current Account Surplus Shrinks to Just $18 Million in April
In April 2023, the surplus in the country’s current account amounted to $18 million, which is significantly lower compared to the surplus of $654 million (revised to $750 million) recorded in March 2023.
Based on data released by the State Bank of Pakistan (SBP), the cumulative current account deficit (CAD) in July-April FY23 decreased to $3.258 billion, compared to a deficit of $13.654 billion in July-April FY22.
The current account balance represents the disparity between the government’s foreign income and expenditures. Put simply, a current account deficit occurs when the government’s foreign income falls short of its expenditure, while a current account surplus arises when foreign income exceeds expenditure.
March marked the first time since November 2020 that the country’s current account registered a surplus. Throughout FY22, Pakistan recorded a current account deficit of $17.481 billion. In the initial month of the current fiscal year (FY23), namely July 2022, the country’s current account deficit was $1.26 billion.
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