Pakistan’s current account deficit increased to $1.03 billion in March 2022, up from $369 million the previous year, according to information released by the State Bank of Pakistan (SBP) on Saturday. According to the SBP, a “turnaround in the current account” has continued, with a $1 billion deficit, which is lower than the average for FY22.
SBP Tweeted that “Despite high global commodity prices, the turnaround in the current account continues, with a deficit of $1bn in Mar, $500mn lower than the average during FY22,”.
Pakistan’s import bill continued to increase in March, with goods imports reaching $6.244 billion, up from $5.143 billion in February. Pakistan’s exports of goods, on the other hand, totaled $3.072 billion in March.
Meanwhile, according to SBP statistics, the current account deficit for the first 9 months of the current fiscal year (July-March of FY22) was $13.17 billion, compared to a deficit of just $275 million for the same 9 months of the previous fiscal year (FY21). For the first 9 months of the current fiscal year, imports totaled $53.79 billion, while exports were $23.69 billion.
Meanwhile, remittances totaled $2.81 billion in March 2022, up 3% year on year and 28% period on month. As the country struggles to raise its foreign exchange reserves, the administration is hoping to revive the $6 billion International Monetary Fund’s (IMF) Extended Fund Facility (EFF), which would allow at least a billion dollars to come in.