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July Trade Deficit Up 13.2% YoY Remittances Soar 47.6%

July Trade Deficit Up 13.2% YoY Remittances Soar 47.6%

During July, total exports rose by 11.3% YoY to $3.01bn compared to $2.71bn in the same month of last year. While it fell 2.2% as against the exports of $3.08bn in the previous month.

Total imports rose 12.2% YoY to $5.6bn as compared to the imports worth $4.99bn recorded in July of last year. Compared to the previous month, imports fell 1.3%.

Accordingly, the trade deficit in goods and services rose 13.2% YoY to $2.59bn. Every month, it narrowed 0.3%.

Meanwhile, workers’ remittances in July increased by 47.6% YoY to $3bn as against $2.03bn in July 2023; while monthly, the remittances went down by 5.2% MoM as compared to $3.16bn in the previous month.

Last month, the country recorded a current account deficit of $313m, while in July 2023 the current account deficit stood at $741m.

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