By Staff Reporter
KARACHI: Pakistan’s current account swung to a surplus of $100 million in November, the central bank said, as a drop in imports helped counter weaker exports and remittances.
The surplus, reported by the State Bank of Pakistan on Wednesday, followed a deficit of $291 million in October, which was originally reported to be at $112 million. That compares with a surplus of $684 million in November 2024.
The result came on the back of a significantly lower import bill during the month. Total imports totaled $5.68 billion in November, a decrease of nearly 12% compared to $6.43 billion in October, according to SBP data. Meanwhile, the country’s total exports of goods and services amounted to $3.09 billion, down over 10% from $3.44 billion in the previous month. Workers’ remittance inflows totaled $3.19 billion, compared to $3.42 billion in October, representing a 7% decrease on a monthly basis.
“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,” Waqas Ghani, head of research at JS Global, said.
The surplus was supported by strong workers’ remittances, Saad Hanif of Ismail Iqbal Securities said. “Importantly, the goods trade deficit narrowed by around 10% MoM, falling to $2.45 billion, reflecting contained imports,” Hanif said. “Alongside a manageable services deficit of $140 million and a secondary income surplus of $3.43 billion, this helped comfortably offset the primary income outflow, keeping the current account in surplus for the month.”
During the first five months of fiscal 2026, the current account recorded a cumulative deficit of $812 million, as compared to a surplus of $503 million in the same period last year. Pakistan’s foreign exchange reserves, excluding CRR/SCRR, rose to $14.68 billion, reflecting a substantial 21% rise year-on-year, indicating stronger external buffers despite ongoing structural pressures on the current account.
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