47. Pakistan Economic Survey 2011-12 - Consultancy Services in ...

Pakistan Economic Survey 2011-12Table 8.1: Summary Balance of PaymentsUS$ MillionItemsJuly-JuneJuly-April*2009-10 2010-11 2010-11 2011-12Current Account Balance -3,946 214 466 -3,394Trade balance -11,536 -10,516 -8,499 -12,683Goods: Exports 19,673 25,356 20,460 20,474Goods: Imports 31,209 35,872 28,959 33,157Services Balance -1,690 -1,940 -1,225 -2,347Services: Credit 5,229 5,768 4,917 4,101Services: Debit 6,919 7,708 6,142 6,448Income Account Balance -3,282 -3,017 -2,465 -2,655Income: Credit 561 716 563 668Income: Debit 3843 3733 3028 3323Current Transfers Net 12,562 15,687 12,655 14,291of which:Workers remittances 8,906 11,201 9,046 10,877Capital & Financial Account 5,272 2,262 772 1,367Capital Account 175 161 82 167Financial Account 5,097 2,101 690 1,200Direct Investment In Pakistan 2,151 1,635 1,293 668Portfolio Investment (Net) -65 338 295 -126Other Investment 3,087 172 -846 721Net Errors and Omissions -60 16 -29 -515Overall Balance 1,266 2,492 1,209 -2,542Source: State Bank of Pakistan*: ProvisionalAnalysis on a comparative month to month basisshows that the current account balance remainedunder pressure during the months of September2011, October 2011 and November 2011. Themonth of September 2011 witnessed the highestdeficit in current account in the entire July-April2011-12 period due to the fall in remittances andthe increase in the trade deficit during the month.The current account deficit remained lower in thefollowing months alongwith a surplus of $ 142million in March 2012.The monthly average exports increased by 0.1percent during July-April 2011-12 and stood at $2,047 million per month as against the average of $2046 million per month during the comparableperiod last year.The month-wise imports averaged $ 3,316 millionduring July-April 2011-12 and remained higherthan the average import of $ 2,896 million in thesame period last year. With the exception of March2012, monthly imports remained higher in all theremaining periods of the current fiscal year 2011-12, compared to the corresponding months of theprevious year.US$ MillionFig-8.1: Monthly Current Account Balance8004000‐400‐800‐1200Jul‐10Aug‐10Sep‐10Oct‐10Nov‐10Dec‐10Jan‐11Feb‐11Mar‐11Apr‐11May‐11Jun‐11Jul‐11Aug‐11Sep‐11Oct‐11Nov‐11Dec‐11Jan‐12Feb‐12Mar‐12Apr‐12Source: State Bank of PakistanDuring July-April 2011-12, the services accountdeficit recorded an expansion of $ 1,122 million.This deterioration in the services account wasprimarily due to the 16.6 percent fall in servicesexports. In addition to this, the 5.0 percent increasein imports also contributed to the deterioration in112