Pakistan Economy_CAD clocks in at US$400mn for Dec’22, (AKD Daily, Jan 19, 2023)
AKD Daily
Pakistan Economy: CAD clocks in at US$400mn for Dec’22
- The Current Account Deficit for the month of Dec’22 clocked in at US$400mn, compared to US$252mn in the earlier month and US$1.9bn in the SPLY. For the first half of the year, the country recorded a CAD of US$3.67bn, lower by 60%YoY.
- Improvement in CAD is attributable to refinement in the country’s trade deficit during the period, with the balance on trade of goods and services having dropped by 32%YoY to US$15.7bn in 1HFY23.
- Pakistan received ~US$2.0bn in the form of Workers’ Remittances during Dec’22, down by 3%MoM and 19%YoY. To note, the average monthly rate for remittances inflow in 1HFY23 has been ~US$2.34bn—attributable to differential in the official and unofficial exchange rates.
- Pakistan witnessed a net outflow of US$17mn during the month of Dec’22, compared to an inflow of US$81.8mn recorded in the previous month. The major outflow during the month was of US$222.7mn, most likely a part of the Tethyan Copper transaction for the Reko Diq project.
- We expect the CAD for FY23 to clock in at US$9-9.5bn, as we expect administrative measures to be rolled back later in the year.
AKD Research
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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