Pakistan posts $1.07 billion current account surplus in March, 9MFY26 balance at $8 million

Pakistan recorded a current account surplus of $1.07 billion in March 2026, compared to a surplus of $1.27 billion in March 2025 and $231 million in February 2026, according to data compiled by Arif Habib Limited based on State Bank of Pakistan (SBP) figures.

On a cumulative basis, the country posted a marginal current account surplus of $8 million during the first nine months of FY2026, sharply lower than the $1.67 billion surplus recorded in the same period last year.

Exports of goods stood at $2.53 billion in March 2026, down 8% year-on-year from $2.76 billion, but slightly higher by 2% compared to $2.48 billion in February. Imports of goods were recorded at $4.90 billion, down 1% year-on-year and 5% lower month-on-month.

As a result, the trade deficit in goods narrowed to $2.38 billion in March 2026, compared to $2.18 billion in March 2025 and $2.69 billion in February 2026.

In the services sector, exports rose to $903 million in March 2026, up 16% year-on-year and 13% month-on-month. Imports of services stood at $926 million, increasing 3% year-on-year and remaining flat compared to February.

The services trade deficit narrowed to $23 million in March 2026, compared to $120 million in March 2025 and $124 million in February.

Overall, the total trade deficit stood at $2.40 billion in March 2026, compared to $2.30 billion in the same month last year and $2.81 billion in February.

The primary income deficit was recorded at $607 million in March 2026, compared to $678 million a year earlier and $409 million in the previous month.

Workers’ remittances amounted to $3.83 billion in March 2026, down 6% year-on-year but up 17% compared to $3.29 billion in February.

The secondary income balance stood at $4.08 billion in March 2026, compared to $4.25 billion in March 2025 and $3.45 billion in February.

For the nine-month period, exports of goods totalled $23.27 billion, down 6% from $24.70 billion last year, while imports rose 8% to $46.79 billion from $43.38 billion.

The goods trade deficit widened to $23.53 billion in 9MFY26, compared to $18.68 billion in the same period last year.

Exports of services increased 17% to $7.35 billion, while imports rose 11% to $9.49 billion, resulting in a services deficit of $2.15 billion, slightly improved from $2.30 billion last year.

The overall trade deficit reached $25.67 billion during 9MFY26, compared to $20.98 billion in the same period last year.

The primary income deficit narrowed to $6.36 billion from $6.72 billion, while workers’ remittances rose 8% to $30.32 billion from $28.03 billion.

The secondary income balance increased to $32.04 billion, up from $29.38 billion in the same period last year.

Despite a strong monthly surplus in March, cumulative external account data indicate pressure from higher imports and widening trade deficits, partially offset by growth in remittances and services exports.