The Current Account Deficit for Oct’23 amounted to USD 74mn, marking a 91% YoY decrease. To recall, in Oct’22, the CAD had reached USD 849mn.
The primary factor contributing to this MoM decline was a 10% jump in overall exports and a 12% rise in remittances. On the other hand, imports experienced an 8% MoM increase.
On a YoY basis, there was a deceleration in overall imports, with a decrease of 3% recorded during Oct’23. In contrast, total exports saw a YoY surge of 18%. Additionally, remittances also displayed an increase, rising by 10% YoY.
During 4MFY24, the CAD declined by 66% YoY to USD 1.06bn, in contrast to a deficit of USD 3.1bn recorded during the corresponding period in the previous year.
Courtesy – AHL Research