Overview
- The State Bank of Pakistan reported a $459 million current account surplus for May 2026 driven mainly by record workers’ remittances of about $4.25 billion and a small rise in exports.
- On an 11‑month basis (July–May) the current account surplus narrowed to $255 million from $1.62 billion a year earlier, even as gross reserves (excluding CRR/SCRR) rose to $17.27 billion.
- Goods trade remains the main weakness with imports outpacing exports, widening the goods deficit to roughly $30.2 billion in July–May and reducing the cushion provided by services and remittances.
- Services and technology exports have strengthened, with tech exports reaching about $4.2 billion in 11MFY26 and $373 million in May, but they have not yet offset the larger goods shortfall.
- External financing increased to $12.10 billion in July–May, including IMF disbursements, Saudi deposits and Naya Pakistan Certificate proceeds, which helps reserves but raises questions about sustainability and policy trade‑offs.