PM Imran says increase in exports, reduction in CAD deficit a great achievement
ISLAMABAD (92 News) - Increase in Pakistan's exports and visible reduction in external payments's deficit, or CAD, is a great achievement for the country, says Prime Minister Imran in a latest tweet on Wednesday.
Commenting on the latest statistics issued by the State Bank of Pakistan, the premier tweets: "The government's consistent focus on reducing our external imbalances by reducing imports and increasing exports and remittances are bearing fruits. Current account deficit reduced by more than $6bn last year and July this year deficit is 72 per cent $1.5 bn lower than July 2018- a great achievement."
According to SBP's latest report, the exports increased by 11 per cent in July 2019 to $2.20 billion and total export touched $24.22bn in fiscal year 2018-19.
The import witnessed 26 per cent decline in July 2019.
The CAD reduced to $579 million in July as compared to $2.13 billion in the same period of last year.
Remittances from overseas Pakistanis stood at $2.03 billion in July this year, compared to $1.98 billion in the same month last year.
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