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.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.
