The country's current account posted a deficit of $12.678 billion in the period from July-May of this fiscal year compared to $17.928 billion in the same period of last fiscal year (FY18), depicting a decline of $5.248 billion.
The cumulative deficit of goods, services and income sector also reported 10 percent or $4 billion decline. It stood at $35.289 billion in July-May of FY19 down from $39.226 billion in the corresponding period of FY18.
The government has successfully curtailed import bill and trade deficit, which helped reduce the overall current account deficit.
According to the data reported by the State Bank of Pakistan (SBP), goods trade deficit shrank by 9 percent to $26.11 billion with $48.450 billion imports and $22.340 billion exports in first 11 months of this fiscal year.
The services trade deficit decreased to $3.946 billion in the first 11 months of current fiscal year as compared to $5.496 billion in the same period of previous fiscal year. The cumulative deficit in trade in goods and services declined to $30.056 billion in the July-May of current fiscal year as compared to a deficit of $34.209 billion in trade of goods and services.
The data shows that the overseas Pakistani workers' remittance increased to $20.191 billion the first 11 months of current fiscal year as compared to $18.286 billion received in the same period of last fiscal year.