Pakistan posts $356mn current account deficit in Sept 2026

Pakistan reported a $356 million current account deficit in September 2026, according to data from the State Bank of Pakistan. This represents an increase from the $73 million deficit recorded in August 2026 and a surplus of $133 million in September 2025. The September 2026 deficit was driven by a higher import bill and a slight rise in exports.

Total exports for the month were $3.95 billion, up over 15% compared to $3.42 billion in September 2025. However, total imports reached $7.38 billion, a 23% increase from $5.99 billion in September 2025. Workers' remittance inflows were $3.59 billion, an 11% rise from $3.18 billion in September 2025. For the full fiscal year 2026-27, the current account deficit stood at $874 million, an 16% increase from $755 million in the same period last year.

Analysts predict the current account deficit for the full fiscal year 2026-27 (FY27E) will range between US$2-3 billion, equivalent to 0.4%-0.6% of 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 rate below 100 suggests the opposite.