KARACHI - The current account deficit of the country grew by 3 billion dollars during July-October, FY09 due to record hike in oil import bill and soaring trade deficit. Pakistan's current account deficit surged to 5.9 billion dollars in the four months of current fiscal (July-October 2008) over 2.9 billion dollars during same period of FY08. Trade balance (deficit) widened to 7.52 billion dollars during the particular course of FY09 against 5.64 billion dollars previously. However, economic experts are of the view that the recent decline in international oil and other commodity prices will provide relief for the external sector; but at the same time, a sustained decline in overall import demand is critical to avoid further reserve loss after its expected build up. It is important to mention here that despite receiving proceeds from workers' remittances and exports of $2.3 billion and $7.1 billion respectively, the import bill of $12.9 billion has raised external current account deficit to $5.9 billion during Jul-Oct, FY09.   Underlying this sharp growth in imports (35.2 percent) is the rising oil bill that reached $4.9 billion (close to $1.23 billion per month) as the international oil prices for this period averages to $123 per barrel; well above the FY08 average of $87.4 per barrel. According to SBP, the share of oil bill in the total import bill has increased to 38 percent as compared with 30 percent in FY08. Non-food-non-oil imports also grew by 6.8 percent during Jul-Oct, FY09, adding to the pressures. With financial inflows slowing down ($1.1 billion only in Jul-Oct, FY09), the external current account deficit had to be financed by draw down of SBP's foreign exchange reserves - this involved depletion of reserves by $5.0 billion since the beginning of this fiscal year up to 10th Nov 2008. According to Sate Bank statistics on balance of payments, Pakistan has worth of $5.9 billion on its balance sheet by the end of July-October 2008 while without transfer current account balance (CAB) amounted to $6.6 against $2.9 during the period under review. Country financial account fell to 1097 million dollars in July-October FY09 against 3106 million dollars during July-October FY08.