Pakistan current account swings to $324 million deficit in April

State Bank of Pakistan data released on Monday showed Pakistan’s current account turned into a deficit of $324 million in April 2026 as a rise in imports outpaced gains in exports and remittances.

The country had posted a surplus of $1.134 billion in March 2026 and a deficit of $12 million in April last year.

Imports of goods and services rose to $6.86 billion in April, up from $6.16 billion a year earlier. Exports increased to $3.47 billion from $3.36 billion in the same month of 2025.

Workers’ remittances totaled $3.54 billion during the month, compared with $3.18 billion a year earlier.

In the first 10 months of FY26, the current account recorded a cumulative deficit of $252 million, against a surplus of $1.66 billion in the corresponding period of the previous fiscal year.

Pakistan’s foreign exchange reserves, excluding CRR and SCRR balances, stood at $15.98 billion, up 54% from a year earlier.

Separately, the country’s Real Effective Exchange Rate rose to 105.80 in April from 104.29 in March, its highest level in seven years, according to Topline Securities.

The brokerage said the reading was also above the 10-year average of 102.68.

A REER reading above 100 indicates reduced export competitiveness and relatively cheaper imports.

The Nominal Effective Exchange Rate fell 0.35% month-on-month to a provisional 37.89 in April from 38.02 in March.