The Current Account Deficit (CAD) in the month of November stood at $1.9 billion as compared to $1.76 billion during this month, last year.
According to the data, released by the State Bank of Pakistan, the Current Account Deficit during the period from July to November, this year widened by $7 billion as compared to $1.8 billion during the same period, last year. In November, the foreign remittances increased by 1 percent as compared to the same month of the fiscal year, 2021.
If compared with October, this year, the foreign remittances came down by 7 percent. The balance of trade in goods also moved adversely by 104 percent during the first five months of the current fiscal year, year-on-year basis to $17,571 million as compared to $8,624 million during the same period, last year.
During November, the balance of trade in goods has been at $3,707 which is 103 percent more than this month, last year. Moreover, if compared with October, it is higher by 2 percent this November.
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The aggravating condition of the balance of trade and rising current account deficit is mainly due to the increasing imports. The imports increased by 64 percent during the first five months of the current fiscal year as compared to the same months, last year.
Whereas, as compared to the month of November, last year, the imports in November, this year moved high by 58 percent. Exports too increased by 14 percent on a month-on-month basis to $2,716 million and higher by 21 percent while compared with last November.
During the period from July to November this year, the exports increased by 29 percent as compared to the same, last year. Balance of trade in services moved up by 21 percent month-on-month basis. But the balance of trade in services aggravated by 66 percent during the first five months of this fiscal year as compared to this period, last year.
The balance of trade for technology moved up by 38 percent during the period from July to November, this year as compared to the same period, last year. The net foreign investment decreased by 39 percent month-on-month basis and increased by 12 percent during the current fiscal year as compared to the first five months of last year.
