KEY POINTS
- Pakistan’s current account posts $110 million surplus in September 2025.
- Remittances rise to $3.18 billion, supporting external stability.
- Exports increase to $3.43 billion; imports total $6.02 billion.
- 1QFY26 cumulative deficit reaches $594 million amid ongoing pressures.
ISLAMABAD: Pakistan’s current account (C/A) recorded a surplus of $110 million in September 2025, a notable turnaround from a $52 million deficit in the same month last year, data released on Monday by the State Bank of Pakistan (SBP) showed.
Monthly Performance
The surplus came largely on the back of strong remittance inflows, which rose to $3.18 billion in September, marking an 11% increase year-on-year.
Exports of goods and services also climbed to $3.43 billion, up nearly 5% compared to $3.28 billion in September 2024.
Meanwhile, imports totaled $6.02 billion, up 6% from the same month last year, reflecting continued demand for foreign goods.
Quarterly Overview
During the first quarter of FY26, the current account recorded a cumulative deficit of $594 million, compared to a $502 million deficit in the same period last year, an increase of 18%.
Analysts noted that while the monthly surplus indicates short-term resilience, the quarterly figures highlight ongoing pressures on Pakistan’s external sector.
Drivers and Analysis
Low economic growth combined with high inflation has helped curb the current account deficit. Improved export performance, resilient remittances, high interest rates (though slightly eased in recent months), and some import restrictions have collectively supported a narrower deficit.
Experts attribute September’s surplus primarily to these factors, while cautioning that high import demand continues to pose challenges.
Outlook
Economists stress that sustaining current account stability will require continued support from remittance inflows, export diversification, and careful management of import demand.
Maintaining investor confidence and prudent macroeconomic policies will be critical to prevent external sector pressures from escalating.
