According to the CEIC Data, Pakistans current account deficit accounted for 0.7% of the countrys nominal GDP in June 2023, compared with a 4.7% deficit in the previous year. The primary causes of the current account deficit in Pakistan are the trade imbalance between exports and imports, higher oil prices, and a decrease in remittances due to the COVID-19 pandemic. The oil and gas industry and the machinery and equipment industry are the two major contributors to the current account deficit in Pakistan. In July 2023, Pakistans current account balance registered a deficit of $809 million due to a jump in import payments and a slump in worker remittances.