Pakistan’s current account swung back into surplus in November 2025, reaching $100 million, the State Bank of Pakistan (SBP) reported on Wednesday. This marks a significant recovery from a revised deficit of $291 million in October 2025.
The positive outcome was largely driven by a sharp decline in imports, helped by lower global commodity prices, alongside steady inflows of workers’ remittances, analysts said.
Exports dip while imports contract
Data from the SBP showed that Pakistan’s total exports of goods and services fell to $3.09 billion in November, down more than 10 percent from $3.44 billion in October. Imports, however, fell nearly 12 percent to $5.68 billion, compared to $6.43 billion the previous month.
Workers’ remittances remained a strong support, totaling $3.19 billion in November, slightly lower than $3.42 billion in October, but enough to offset weaker export earnings.
According to experts, the current account posted a surplus mainly due to a sharp decline in imports, supported by lower global commodity prices, along with steady remittance inflows that more than offset weaker exports.
The goods trade deficit fell by around 10 percent month-on-month to $2.45 billion. When combined with a manageable services deficit of approximately $140 million and a secondary income surplus of $3.43 billion, the current account remained comfortably in surplus despite outflows from primary income.
Cumulative deficit for FY26 remains a concern
Despite the November surplus, Pakistan’s current account recorded a cumulative deficit of $812 million during the first five months of fiscal year 2026 (5MFY26), compared with a surplus of $503 million in the same period last year.
Meanwhile, the country’s foreign exchange reserves, excluding CRR and SCRR, rose to $14.68 billion, marking a 21 percent year-on-year increase. This reflects stronger external buffers even as structural pressures continue to weigh on the current account.
