Pakistan’s current account recorded a surplus of $100 million in November 2025, according to the latest data released by the State Bank of Pakistan (SBP). This marks a notable turnaround after the country posted a deficit of $291 million in October 2025 📉.
For perspective, October’s deficit was initially reported at $112 million but later revised upward, while November 2024 had seen a much stronger surplus of $684 million.
📉 Lower Imports Drive the Surplus
The key driver behind November’s surplus was a significant reduction in imports, helped by softer global commodity prices 🌍.
- Total imports stood at $5.68 billion, down nearly 12% from $6.43 billion in October
- This sharp compression in imports helped ease pressure on the external account ⚖️
📦 Exports Show Some Weakness
On the export side, performance was relatively subdued:
- Exports of goods and services totaled $3.09 billion
- This reflects a decline of over 10% compared to $3.44 billion in October
While exports softened, they were not the main determinant of the month’s overall balance.
💸 Workers’ Remittances Remain a Strong Pillar
Workers’ remittances continued to provide crucial support to the economy 💪:
- Remittance inflows reached $3.19 billion in November
- This represents a 7% month-on-month decline from $3.42 billion in October
Despite the drop, remittances remained resilient enough to offset weaker exports, according to analysts.
🧠 What Analysts Are Saying
📌 Waqas Ghani, Head of Research at JS Global, noted:
“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.”
📌 Saad Hanif from Ismail Iqbal Securities added that:
- The goods trade deficit narrowed by around 10% MoM, falling to $2.45 billion
- The services deficit remained manageable at around $140 million
- A strong secondary income surplus of approximately $3.43 billion helped counterbalance primary income outflows
Together, these factors kept the current account comfortably in surplus for the month ✅.
📆 Broader Picture: FY26 So Far
Looking at the bigger picture:
- During 5MFY26, Pakistan recorded a cumulative current account deficit of $812 million
- This compares with a surplus of $503 million in the same period last year
While pressures persist, the trend shows signs of stabilization.
🏦 Foreign Exchange Reserves Improve
On a positive note, Pakistan’s foreign exchange reserves (excluding CRR/SCRR) rose to $14.68 billion 💵.
- This reflects a 21% year-on-year increase
- The rise signals stronger external buffers, even as structural challenges remain