ADD ANI AS A TRUSTED SOURCE
googleads
ANI Logo
Menu
Asia

Jump in services import, higher commodity prices increase Pakistan's current account deficit

Karachi [Pakistan], November 20 (ANI): In the wake of a spike in imports and higher international commodity prices, Pakistan's current account deficit - higher foreign expenditure compared to income - swelled to USD 5.08 billion in the first four months (July-October) of the current fiscal year.

ANI Nov 20, 2021 22:01 IST googleads

State Bank of Pakistan. (Photo Credit - Reuters)

Karachi [Pakistan], November 20 (ANI): In the wake of a spike in imports and higher international commodity prices, Pakistan's current account deficit - higher foreign expenditure compared to income - swelled to USD 5.08 billion in the first four months (July-October) of the current fiscal year.
According to the State Bank of Pakistan (SBP), the country had recorded a current account surplus of USD 1.3 billion in the corresponding period of the previous year, reported The Express Tribune.
In a report on Friday, Ismail Iqbal Securities Head of Research Fahad Rauf said that Pakistan's current account deficit expanded to the highest level since June 2021. "The number is also higher than the research house's expectation of USD 1.3 billion," he said.
In October 2021 alone, the current account deficit came in at USD 1.66 billion compared to the surplus of USD 448 million in the same month of last year.
"The financial account registered a slight outflow of USD 163 million, led by Sukuk repayment of USD 1 billion," Rauf pointed out.
In comments to The Express Tribune, Alpha Beta Core CEO Khurram Schehzad said that the current account deficit was widening because 70-80 per cent of imports consisted of necessities such as oil, food, raw material and machinery - the latter ones being imported under the Temporary Economic Refinance Facility (TERF).
He projected the full-year current account deficit in the range of USD 10-12 billion and termed it highly risky for Pakistan as the rupee would come under further pressure.
The trade deficit recorded an increase of 103 per cent in the four-month period due to higher international commodity prices, particularly crude oil prices, reported The Express Tribune. (ANI)

Get the App

What to Read Next

US

Ending Iran's nuclear ambitions over oil profits: Trump clarifies

Ending Iran's nuclear ambitions over oil profits: Trump clarifies

In a post by the White House, President Trump, while acknowledging that the United States is currently the world's leading oil producer and stands to benefit financially from higher crude prices, emphasised that his administration's overriding mission remains the permanent dismantling of Iran's nuclear program.

Read More
Europe

Blasphemy laws in Pakistan target religious minorities: GHRD

Blasphemy laws in Pakistan target religious minorities: GHRD

At the 61st session of the United Nations Human Rights Council, the organisation Global Human Rights Defence (GHRD) raised concerns over the continued misuse of blasphemy laws in Pakistan and their impact on religious minorities.

Read More
Asia

"US will never risk sending its navy to open up Strait of Hormuz”

Sibal argued that the US is unlikely to risk a naval operation to forcibly "reopen" the Strait of Hormuz as the deep-water channel necessary for large vessels lies within Iranian territorial waters. Iran does not need sophisticated long-range missiles to defend this corridor; short-range missiles, torpedoes, and mines can easily sink high-value naval assets.

Read More
US

Brazil’s Silveira rules out fuel shortages, slams speculation

Brazil’s Silveira rules out fuel shortages, slams speculation

Speaking to journalists, Silveira said the country's fuel supply remains stable and the government is closely monitoring developments in the international oil market as well as domestic price movements.

Read More
Asia

MEA rejects Pakistan’s statement on India-Canada deal

MEA rejects Pakistan’s statement on India-Canada deal

"We reject this statement made by Pakistan on the matter. India's credentials regarding non-proliferation are impeccable and well recognised by the global community. A country with a well-documented history of clandestine nuclear proliferation can hardly preach the virtues of export controls and proliferation risks. Such ludicrous statements are nothing more than an attempt by Pakistan to distract from its own abysmal record," he said.

Read More
Asia

India rejects Pakistan's "baseless allegations"

India rejects Pakistan's

India on Thursday rejected Pakistan's allegations of aggravating skirmishes with Afghanistan, calling them "baseless" and accusing Pakistan of blaming others for its own misdeeds.

Read More
Asia

Policy delays leave Pakistan short of critical medicines

Policy delays leave Pakistan short of critical medicines

Pakistan faces a severe shortage of life-saving medicines, including cancer drugs and vaccines, due to government delays in notifying official prices. While global supply remains stable, regulatory hurdles have stalled legal imports, raising concerns over patient survival and the potential rise of unregulated, counterfeit medicines.

Read More
Middle East

First India-bound vessel reaches Mumbai via Strait of Hormuz

First India-bound vessel reaches Mumbai via Strait of Hormuz

The tanker reportedly switched off its Automatic Identification System (AIS) transponder while navigating the high-risk stretch of the strait.

Read More
Asia

Pakistan’s outdated mandi system stifles agricultural innovation

Pakistan’s outdated mandi system stifles agricultural innovation

Pakistan's fruit and vegetable supply remains dominated by traditional middlemen and the "mandi" system, with digital platforms handling only 2-3% of trade. Restrictive provincial laws and lack of infrastructure force farmers into dependency on commission agents, stalling modern technological transformation in the agricultural sector.

Read More
Asia

Hardships grow as Pakistan tightens its grip in Balochistan 

Hardships grow as Pakistan tightens its grip in Balochistan 

Residents in Balochistan's Zehri and Surab regions are facing a severe humanitarian crisis due to a four-day curfew and military operations. The Baloch Yakjehti Committee reported acute food shortages, blocked healthcare access, and alleged house raids by security forces, urging international bodies to investigate these fundamental rights violations.

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.