Pakistan current account posts $244 million deficit in December, gap widens to $1.17 billion in first half of FY26

Pakistan’s current account recorded a deficit of $244 million in December 2025, reversing a $98 million surplus in November, according to data released by the State Bank of Pakistan on Monday, as a higher import bill outweighed gains in exports and remittances.

SBP data showed that exports of goods and services increased to $3.69 billion in December, nearly 20% higher than the previous month’s $3.08 billion. Imports, however, rose to $7.04 billion during the month, compared with $5.69 billion in November, driving the return to a deficit.

Workers’ remittances provided some support, rising 13% month-on-month to $3.59 billion in December from $3.19 billion in November. 

Despite the monthly shortfall in December, the current account posted a cumulative deficit of $1.17 billion in the first half (July-December) of FY26, compared with a surplus of $957 million in the same period last year.

Meanwhile, Pakistan’s foreign exchange reserves, excluding CRR and SCRR, increased to $16.19 billion, marking a 36% year-on-year rise and indicating stronger external buffers even as pressure on the current account persists.