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Pakistan’s Current Account Reverts to Deficit as Imports Rebound

The latest State Bank figures underscore renewed external vulnerability despite resilient remittance inflows.

Overview

  • SBP data show a $244 million current account deficit in December 2025, reversing a $98 million surplus in November.
  • The current account for July–December FY26 posted a $1.174 billion deficit, compared with a $957 million surplus in the same period a year earlier.
  • Goods imports rose to $5.74 billion in December while exports registered $2.75 billion, and the services balance added a further $370 million to the gap.
  • Workers’ remittances totaled $3.59 billion in December, offering support that proved insufficient to offset the wider goods and services shortfalls.
  • The financing account recorded a $596 million net outflow in December and FDI showed a $135 million net outflow, which analysts linked in part to a telecom divestment tied to Telenor’s exit.