KARACHI - Pakistans current account deficit declined to $3.507 billion during FY10, compared with $9.261 billion in FY09. The growth in current account deficit registered at 2.0 per cent of GDP, sharply lower than the growth of 5.6 percent posted in FY09. The contraction in the growth of current account deficit was aided by fall in imports and record inflow of current transfers especially workers remittances in FY2009-10. However, the impact of this improvement on overall external account is limited by considerable decrease in capital and financial account positions during FY10. In the month of June, 2010, current account deficit stood at $453 million. The State Bank of Pakistan reported on Friday that as on June 30, 2010, current account balance without off transfers amounted to $3.974 billion as against $9.424 billion over the equivalent period of FY09. According to SBPs balance of payment statistics, total goods exports increased to $19.636 billion during FY10 from $19.121 billion of the entire period of the previous year while imports declined to $31.013 billion from $31.747 billion in FY09. Trade balance decreased to $11.377 billion in the outgoing fiscal year compared to $12.627 billion of last year whereas balance of goods and services reached the level of $13.035 billion during the reviewed year as against $16.08 billion in FY09. From July 01 to June 30 2010, current transfers, including workers remittances and FCA residents, surged to $12.909 billion from $11.256 billion during FY09. Contrary to previous year, capital account dipped to $182 million during FY10 as against $455 million witnessed in FY09. Despite improvement in long-term and project loans, financial account fell to $4.943 billion as against $5.632 billion of a preceding year of FY09.