Karachi: The State Bank of Pakistan on Thursday revised the figures for the current account deficit (CA) which increased to $10.64b, surging by a massive 131pc during July-May 2016-17. Earlier the central bank had originally reported a CA deficit figure of $8.93b in the first 11 months of FY 2016-17, which is $1.71b less than the revised figure.
The main reason attributable for the rise in CA deficit is because of debt servicing, plunging exports and due to increase in international oil prices. The deficit has gone up from 1.8pc in FY 2015-16 to 3.8pc during first 11 months of FY 2016-17 as a percentage of GDP.
Total imports during FY 2016-17 amounted to $43.45b in comparison to $37.22b a year ago, rising by 16.7pc. Exports in the same period were valued at $19.78b in comparison to $20.10b during FY 2015-16, registering a fall of 1.5pc.
Remittances from workers abroad during the first 11 months of FY 2016-17 were recorded at $17.46b compared to $17.84b in FY 2015-16, recording a decrease of 2.13pc annually. Balance of trade and services both stood at negative $26.84b in first 11 months of FY 2016-17 in comparison to a deficit of $20.21b in the same period last year.
