Current account swells to $1.209 bln in first quarter of fiscal year 2011-12

KARACHI: The current account deficit has been swelled to $1.209 billion on constant outflows of reserves owing to higher imports, showing 102% growth in the current quarter of financial year 2011-12 compared to corresponding period of previous year, State Bank of Pakistan (SBP) figures reported.

The current account deficit was widened significantly in September 2011 with the outflow of $908million alone. It showed that exports earnings and remittance inflows were lowered in the said month couple with high imports expenses of the country.

An increase of 50.34% has been witnessed in the trade deficit in September 2011, where deficit totalled at $1.786 billion compared with deficit of $1.188 billion in September 2010.

Exports amounted to $1.836 billion in September 2011 compared to exports of $1.593 billion in 2010, projecting an increase of 15.25%. Imports of the country were recorded at $3.622 billion in September 2011 compared to imports of $2.781 billion in September 2010, indicating an increase of 30.24%. Similarly in September 2011, an amount of $890.42 million was sent home by overseas Pakistanis, down 3.43%, when compared to $922.06 million received in the same month last year.

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