Record shortage of Pakistan marginally enlarges to $1.9bn

According to the post-data record by Arif Habib Limited on a year-on-year basis, the primary reason behind the deficit was a 57% year-on-year increase in total imports to $7.3 billion.

However, the brokerage house added that total exports and remittances also increased by 20% and 1% year-on-year, respectively.

During November, the balance of trade in goods recorded a 103% increase in deficit year-on-year, while for the services the deficit surged by 408% on a year-on-year basis.

Pakistan exported goods worth $2.71 billion compared to the imports worth $6.42 billion, while the value of exports of services clocked in at $583 million compared to $832 million in November last year.

Current account deficit widened slightly to $1.91bn in Nov from $1.76bn in Oct, as imports outstripped strong exports & robust remittances. Imports were mainly lifted by high international commodity prices in addition to strong domestic economic recovery. https://t.co/Od8ikVvpBF pic.twitter.com/QhjegqdcDd

— SBP (@StateBank_Pak) December 20, 2021

Last week, SBP Governor Dr Reza Baqir had said that the current account deficit is expected to increase for the next two months and will then decrease gradually.

Baqir had said Pakistan’s record wasn’t heading towards a situation where the interest rate in the country could surge to 13.52%.

“Last time Pakistan faced such a situation was when there was a severe financial crisis in the country when the current account deficit was around $19 billion,” he had explained.

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