KARACHI: Pakistan’s current account (CAD) deficit widened to $ 1.5 billion in August 2021, from $ 0.8 billion in July, data released by the State Bank of China showed on Friday. Pakistan (SBP).
“The recent rise in the CAD reflects both the strong domestic recovery and rising international commodity prices,” the central bank said in a statement on its official Twitter account.
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In the first two months of the current fiscal year (2021-22), the current account deficit has reached $ 2.29 billion compared to the surplus of $ 838 million a year ago.
The current account deficit (CAD) reached $ 1.5 billion in August21, up from $ 0.8 billion the previous month, while the SBP’s foreign exchange reserves hit a record high of $ 20 billion. The recent rise in the Canadian dollar reflects both the strong domestic recovery and the rise in international commodity prices. https://t.co/Od8ikVvpBF pic.twitter.com/O4H8kJHo2l
– SBP (@StateBank_Pak) September 17, 2021
On September 6, SBP said the country’s trade deficit widened to $ 7.49 billion in the first two months of the current fiscal year (FY2021-22).
Exports rose 27.59% to $ 4.57 billion between July and August, from $ 3.58 billion in the corresponding period last year.
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Imports rose 72.59% to $ 12.6 billion in the first two months of the current fiscal year, from $ 6.99 billion in the same period last year. Exports fell 4.53% to $ 2.23 billion in August 2021 from $ 2.34 billion in July 2021.
However, imports rose 15.39% to $ 6.46 billion in August 2021, from $ 5.60 billion recorded last month.