Who misrepresented the current account deficit statistics?

Islamabad: Who misrepresented the current account deficit statistics? According to reports, the misrepresentation of inaccurate data by the statistic team led to a record current account deficit in November. The Bureau of Statistics showed that petroleum imports were 2.8 million tons instead of 1.8 million tons, and vaccines were also included in imports instead of being counted as loans or aid.

The current account deficit of 1.9 billion in November surprised many, according to the research by the English daily, Business Recorder. Based on the trade deficit of 5 billion, people were expecting the current deficit to be around 3 billion, however, the State Bank of Pakistan (SBP)’s net trade deficit stood at 3.7 billion.

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For the 5 months of the fiscal year 2022, the difference between the 20.6 billion trade deficit and 17.6 billion of SBP is 3 billion and the difference mainly comes from 3.1 billion imports from July to November.

According to reports, it is not uncommon for institutional (Bureau) statistics to differ from SBP statistics because whenever there is an increase in imports, there is a difference in the figures of the two institutions. This is expected to return to normal in the coming months with a reduction in the deficit reported by the Statistics Agency.

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The country’s leading analysts and economists, on the other hand, were shocked by the 7.9 billion import figures from the Bureau of Statistics and found it difficult to digest. As a result, the rupee depreciated and the stock market plummeted. However, the discerning analyst was surprised to see in the detailed statistics of the Bureau of Statistics that Pakistan imported 2.8 million tonnes of petroleum products and crude oil in November, which is not possible.

Data from the Oil Companies Advisory Council (OCAC), which provides data to the Department of Statistics, shows oil imports reached 1.8 million tonnes in November. Looking at the country’s annual imports, the OCAC figures are still accurate, up from 15 million tonnes in 2020 and 18.5 million tonnes in 2019. Now the question is why the statistics agency showed more imports which resulted in a vague difference of 500 million in the import bill. The federal government needs the market to answer that question.

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On the other hand, the people are urging the government to identify the elements that are harming the country’s institutions for another party, on social media. Some users have said that these elements are misleading the nation by telling such big lies. Now go and do politics for this, they have no right to misrepresent by taking huge salaries from the hard work and blood and sweat of the people.

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