Pakistan’s current account deficit for January down 54%, claims Asad Umer
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KARACHI: Pakistan’s current account deficit for January down by 54 percent versus January last year, Finance Minister Asad Umar has said.
Asad Umar took to Twitter saying “Current account deficit for July to January is down $1.7 billion versus same period last year.”
He went on to say the decisive actions taken by Tehreek-e-Insaf government to rescue an economy inherited on the verge of default showing visible positive results.
Current account deficit plunged 48% month-on-month (MoM) to $809 million for January compared to $1.544 billion in December last year.
During the first seven months (July-January) of the financial year 2018-19, the current account deficit declined by 17 per cent year-on-year (YoY) to $8.424 billion.
The major reason for the fall in the deficit was driven by a 15% ($305 million) MoM rise in exports to $2.309 billion in January against $2.004 billion in December last year.
The fall was further fueled by a 3 per cent MoM decline in imports. And the MoM fall in CAD of $735 million was also supported by a decline in the overall trade deficit ($461 million).
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