Pakistan current account deficit widens to $356 million in September as imports rise 23%

Pakistan's current account deficit was $356 million in September 2026, according to State Bank of Pakistan data released on Friday and reported by Business Recorder. In September 2025 the account was in surplus by $133 million.

The deficit is almost five times August's, which the SBP revised to $73 million from the $98 million first reported (our August story carried the earlier figure).

The September numbers

Exports grew, but imports grew faster and from a much bigger base: the gap between them was about $3.43 billion, some $860 million wider than a year earlier. Remittances of $3.59 billion were still bigger than that gap, so the rest of the deficit came from the account's other lines, such as income paid abroad.

First quarter of FY27

For July to September (the first quarter of fiscal 2026-27) the deficit adds up to $874 million, up 16% from $755 million in the same quarter last year.

What it means for you

A current account deficit means more dollars are leaving the country for imports and payments than are coming in. Small deficits are manageable while reserves are healthy: total liquid reserves stood at $26.86 billion this week, with the SBP holding $21.47 billion (our reserves story). If the gap keeps widening month after month, pressure shows up on the rupee and, eventually, on the price of imported goods and fuel.

For now the rupee is steady. The interbank dollar rate on our USD to PKR page was about Rs 276.91 on Friday, and you can run any amount through the currency converter.

One more measure moved the same week: the rupee's real effective exchange rate (REER), which adjusts the rupee against trading partners' currencies for inflation, rose to 108.93 in September from 107.87 in August, an eight-year high, ProPakistani reported citing Topline Securities. A reading above 100 suggests the rupee is on the strong side, which makes imports cheaper and exports harder to sell, one reason analysts watch it alongside the current account.

What to watch

The SBP releases the October figure in mid-November. Oil prices, which have been volatile with shipping disrupted around the Strait of Hormuz, are the biggest swing factor in Pakistan's import bill.