Pakistan’s balance of payments for November 2025 shows a small current account surplus of $100 million, a notable improvement from the $291 million deficit in October 2025 and marking the first monthly surplus in the early months of FY26. This brings the July-November FY26 current account deficit to -$812 million, significantly narrower than the $503 million surplus recorded in the same period of FY25.
The turnaround in November was driven primarily by strong secondary income inflows, particularly workers’ remittances, which reached $3.189 billion for the month. Cumulative remittances for Jul-Nov FY26 stand at $16.145 billion, up solidly from $14.767 billion in the corresponding period last year.
However, this positive headline masks deepening concerns on the trade front:
Goods exports plunged 18.5% YoY in November to $2.273 billion, dragging Jul-Nov FY26 exports down 3.2% to $12.790 billion. Goods imports rose 15.0% YoY in November, pushing cumulative imports up 11.1% to $25.559 billion. The trade deficit in goods widened sharply to $2.454 billion in November, contributing to a Jul-Nov trade deficit of $12.769 billion (versus $9.799 billion last year).
Services trade also remained in deficit, though marginally improved.
Foreign direct investment continued to disappoint, with net FDI inflow of only $180 million in November, bringing Jul-Nov total to $928 million (down from $1.242 billion last year).
Reserve position strengthened slightly, with SBP gross reserves (incl. CFC less RBI claims) reaching $15.862 billion by end-November, supported by the monthly overall balance near zero.
Overall, while remittances continue to provide crucial support and enabled a rare monthly surplus, the sharp deterioration in goods exports signals weakening external competitiveness and raises risks to the current account outlook for the remainder of FY26 if export trends do not reverse.