Karachi, December 17, 2025: The State Bank of Pakistan (SBP) reported on Wednesday that the country’s current account deficit widened to $812 million during the first five months (July–November) of the fiscal year 2025-26, compared to a surplus of $503 million in the same period last year.
Despite the cumulative deficit, Pakistan’s current account posted a surplus of $100 million in November 2025, driven largely by a sharp reduction in imports and resilient workers’ remittances, which offset weaker exports.
Key Monthly Data – November 2025
• Exports of goods and services: $3.09 billion (down 10% from October)
• Imports: $5.68 billion (down nearly 12% from October)
• Workers’ remittances: $3.19 billion (down 7% from October)
• Goods trade deficit: $2.45 billion (narrowed by ~10% MoM)
Analysts highlighted that the surplus in November was supported by lower global commodity prices and steady inflows of remittances. Waqas Ghani, Head of Research at JS Global, said, “Current account posted a surplus mainly due to a sharp compression in imports supported by lower global commodity prices, alongside resilient remittance inflows that more than offset weaker exports.”
Saad Hanif of Ismail Iqbal Securities added, “Alongside a manageable services deficit of around $140 million and a secondary income surplus of approximately $3.43 billion, the current account surplus was maintained comfortably.”
Broader Outlook
During the five-month period of FY26, the current account deficit widened significantly, signaling ongoing structural pressures. Nevertheless, Pakistan’s foreign exchange reserves (excluding CRR/SCRR) increased to $14.68 billion, a 21% year-on-year rise, indicating stronger external buffers amid persistent challenges in trade and the current account.
The data reflects a mixed external sector scenario: short-term relief from contained imports and robust remittances, counterbalanced by declining exports and a widening cumulative deficit for FY26.
