Pakistan Posts Current Account Surplus of $100 Million in November 2025

Pakistan recorded a current account surplus of $100 million in November 2025, marking an improvement from a deficit of $291 million in October 2025, according to data released by the State Bank of Pakistan. The November surplus signals a turnaround in the country’s external account position after remaining under pressure in the previous months. According to Topline Securities, primarily due to a lower-than-anticipated services trade deficit. Additionally, the goods trade deficit reported by the State Bank of Pakistan (SBP) stood at 88.5 percent of the Pakistan Bureau of Statistics (PBS) data, compared with the historical average of around 90 percent. Meanwhile, the central bank has significantly revised the October 2025 current account deficit from the previously reported US$112 million to US$291 million. Waqas Ghani of JS Global said that the 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. Despite the positive monthly outcome, the current account for the first five months of FY26 remained in deficit. During July to November FY26, the current account balance stood at a deficit of $812 million, compared to a surplus of $503 million in the same period last year. The trade balance continued to weigh on the overall position. In November, the trade deficit in goods stood at $2.45 billion as imports remained significantly higher than exports. Exports of goods were recorded at $2.27 billion during the month, while imports amounted to $4.73 billion. Services trade showed a relatively smaller gap. Exports of services stood at $813 million in November, while imports of services were recorded at $953 million, resulting in a services trade deficit of $140 million. Workers’ remittances remained a key support for the external account. Inflows from overseas Pakistanis amounted to $3.19 billion in November, helping offset trade and income account pressures. Overall, secondary income inflows reached $3.46 billion during the month. Primary income payments, mainly in the form of profit and interest outflows, continued to exceed inflows. The primary income deficit stood at $739 million in November, limiting the impact of gains made on other fronts.