Pakistan posts $356mn C/A deficit in September 2026

Pakistan's current account recorded a deficit of $356 million in September 2026, according to data released by the State Bank of Pakistan on Friday. This marks a rise from the $73 million deficit seen in August 2026 and a surplus of $133 million in September 2025. The increase in the deficit was primarily due to a higher import bill and a slight rise in exports during the month.

In September 2026, Pakistan's total exports of goods and services reached $3.95 billion, a 15% increase from $3.42 billion in the same period last year. However, the total imports rose to $7.38 billion, a 23% increase from $5.99 billion in the same period a year prior. Remittance inflows from Pakistan's workers amounted to $3.59 billion in September 2026, a 13% increase from $3.18 billion in the same month last year.

For the fiscal year 2026-27 (3MFY27), the current account deficit stood at $874 million, up from $755 million in the same period of the previous fiscal year, reflecting a 16% increase. Analysts predict the current account deficit for the fiscal year 2026-27 (FY27E) to be between US$2 and US$3 billion, which would account for 0.4%-0.6% of Pakistan's GDP.

The Real Effective Exchange Rate (REER) for Pakistan increased by 0.98% to 108.93 in September 2026 from 107.87 in August 2026. A REER above 100 indicates uncompetitive exports and cheaper imports, while a REER below 100 suggests the opposite.