A modest surplus in the current account during the first 7 months
of FY2013, following inflows of $1.8 billion from the Coalition Support
Fund, reverted to a deficit of $700 million in February 2013. As
disbursements of the same magnitude are not expected during the
second half of the year, it is expected that the current account will post
a deficit on the order of 0.8% of GDP. Exports contracted by 0.9% during
the first 8 months of FY2013, but a 3.5% contraction in imports was four
times larger (Figure 3.20.11). Low export growth was largely the result
of 2.7% lower textile exports, reflecting the impact of sustained energy
shortages, difficulties in meeting production schedules, and slack global
demand. The contraction in imports was mostly of food, transportation
equipment, and petroleum.
Note: 2013 data is from July 2012 to February 2013. Source: State Bank of Pakistan. Economic Data. - http://www.sbp.org.pk (accessed 17 January 2013).
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