Pakistan’s current account deficit (CAD) widened to $2.3 billion in June 2022, it was reported on Wednesday.
According to the State Bank of Pakistan (SBP), the country’s CAD rose to $2.3 billion in June 2022 compared to a deficit of $1.6 million in the same month of the last year.
Cumulatively for FY22, the deficit widened by 517%, clocking in at $17.4 billion on a yearly basis when compared with the figure of $2.82 billion during FY21.
“As foreshadowed by earlier Pakistan Bureau of Statistics (PBS) data, a surge in oil imports saw current account deficit rise to $2.3 billion in June despite higher exports and remittances,” the central bank said on its official Twitter handle.
1/2 As foreshadowed by earlier PBS data, a surge in oil imports saw CAD rise to $2.3bn in Jun despite higher exports & remittances. So far in Jul oil imports are much lower & deficit is expected to resume its moderating trajectory. Visit #EasyData https://t.co/q3LNv3HgLs pic.twitter.com/lvwO9Bo3PJ
— SBP (@StateBank_Pak) July 27, 2022
The central bank further mentioned that so far in July oil imports are much lower [and] “deficit is expected to resume its moderating trajectory” and added that 3.3 million metric tons of oil was imported in June, 33% higher than in May.
“Together with higher global prices, this more than doubled the oil import bill from $1.4 billion to $2.9 billion,” the SBP said, adding that by contrast, non-oil imports ticked down.
