Karachi: Pakistan recorded a current account surplus of USD 100 million in November 2025, marking a turnaround from a USD 291 million deficit in October, according to data released by the State Bank of Pakistan (SBP). The improvement reflects continued resilience in external inflows at a time when global trade conditions remain challenging and domestic economic adjustments are ongoing.
The surplus was primarily supported by robust workers’ remittances, which reached USD 3.19 billion during the month. These inflows lifted total secondary income to USD 3.46 billion, helping offset deficits in the goods, services, and primary income accounts. Remittances have remained a key source of foreign exchange, providing stability to the external account and supporting household consumption.
On the trade front, pressures persisted. Goods exports declined on a year-on-year basis, standing at USD 2.27 billion in November, while imports amounted to USD 4.73 billion, resulting in a merchandise trade deficit of USD 2.45 billion. The softer export performance reflects price pressures, subdued global demand, and competitiveness challenges faced by several export-oriented sectors.
Despite these headwinds, the return to a current account surplus highlights Pakistan’s ability to manage near-term external balances through sustained inflows from overseas Pakistanis. Annual remittances, which are estimated at around USD 38 billion and account for roughly 10% of GDP, continue to play a stabilising role in the balance of payments, particularly during periods of trade stress.
Economists note that while strong remittance inflows provide valuable short-term relief and strengthen foreign exchange buffers, maintaining external stability over the medium term will require improvements in export competitiveness, higher investment levels, and productivity-led growth. The November surplus, however, offers policymakers breathing space as broader economic reforms and adjustment measures continue.
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