Pakistan Records $12 Million Current Account Surplus in April 2025
Pakistan’s current account posted a marginal surplus of $12 million in April 2025, significantly down from a revised $1.2 billion surplus in March 2025, according to the latest data released by the State Bank of Pakistan (SBP).
On a year-on-year (YoY) basis, the surplus dropped by 96% compared to $315 million in April 2024 (revised).
The sharp decline is primarily attributed to a notable increase in the import bill during the month. According to Waqas Ghani, Head of Research at JS Global, “The current account surplus narrowed in April as remittances, a key source of inflows for Pakistan, declined sharply due to normalisation, while the widened trade deficit further strained the external balance.”
Despite the dip, Pakistan’s current account surplus for the first 10 months of FY2025 (10MFY25) stands at $1.88 billion, marking a significant turnaround from the $1.34 billion deficit recorded during the same period of the previous fiscal year.
Topline Securities remains optimistic, stating in a recent note: “We maintain our FY25 current account surplus target of $2.5-3 billion, or 0.6-0.7% of GDP.”
Key Economic Indicators – April 2025
- Exports (Goods & Services): $3.33 billion (↑ 1.2% YoY from $3.29 billion)
- Imports: $6.14 billion (↑ 15% YoY)
- Workers’ Remittances: $3.18 billion (↑ 13% YoY)
The improvement in the current account position over the fiscal year is supported by a mix of low economic growth, high inflation, moderation in interest rates, and import restrictions. A moderate rise in exports has also contributed to easing external pressures.
