Pakistan Current Account Deficit September 2026: $356 Million, $874 Million for July to September (SBP)
Pakistan's current account deficit was $356 million in September 2026 and $874 million for July to September, SBP data shows. See every line and each month.
Pakistan's current account was in deficit by $356 million in September 2026 and by $874 million for July to September 2026, according to the State Bank's balance of payments summary. In September 2025 there had been a $133 million surplus. Imports grew faster than exports, but $10.88 billion of remittances in the quarter covered most of the gap. Below are the September and quarter figures, line by line.
We downloaded SBP's Summary Balance of Payments for September 2026 on 1 November 2026. The file was created on 16 October 2026. Its columns print out of line, so we matched each figure by checking that the parts add up to each balance.
The current account deficit was $356 million in September 2026
The current account adds up trade in goods and services, income paid and received abroad, and transfers such as remittances. In September 2026 it showed a deficit of $356 million, after a revised $73 million deficit in August. A year earlier, in September 2025, it had a $133 million surplus.
The swing came from goods. Pakistan exported $3,015 million of goods in September 2026 and imported $6,172 million, a goods gap of $3,157 million. In September 2025 that gap was $2,421 million. Remittances of $3,588 million could not fill the larger hole this time.
July to September 2026: every line of the current account
The table compares the first quarter of this fiscal year (July to September 2026) with the same quarter a year earlier, in million US dollars. A minus sign means money flowing out.
| Item | Jul to Sep 2026 | Jul to Sep 2025 |
|---|---|---|
| Goods exports | 8,454 | 7,853 |
| Goods imports | 17,784 | 15,558 |
| Goods balance | -9,330 | -7,705 |
| Services exports | 2,719 | 2,214 |
| Services imports | 3,550 | 3,054 |
| Services balance | -831 | -840 |
| Primary income balance (profits, interest) | -2,320 | -2,272 |
| Secondary income balance (transfers) | 11,607 | 10,062 |
| of which workers' remittances | 10,875 | 9,536 |
| Current account balance | -874 | -755 |
Goods imports rose by $2,226 million and goods exports by $601 million. Remittances rose by $1,339 million and services did a little better, which kept the quarterly deficit only $119 million wider than last year. All the changes are our arithmetic from SBP's figures.
Month by month: July $445 million, August $73 million, September $356 million
The SBP summary gives August and September directly, and the quarter total. July's figure follows by subtraction: a $445 million deficit. August was revised from the $98 million first published to $73 million.
| Month | Current account | Goods exports | Goods imports | Remittances |
|---|---|---|---|---|
| July 2026 | -445 | 2,985 | 6,149 | 3,630 |
| August 2026 (revised) | -73 | 2,454 | 5,463 | 3,657 |
| September 2026 (provisional) | -356 | 3,015 | 6,172 | 3,588 |
| September 2025 | +133 | 2,611 | 5,032 | 3,184 |
July's exports and imports are also our subtraction from the quarter total. July and August together now come to a $518 million deficit, against the $543 million first reported for those two months in the July and August current account.
Services helped a little. Exports of services, which include IT and freelance earnings, rose to $2,719 million in the quarter from $2,214 million, about 23% more by our arithmetic. The services deficit narrowed slightly, to $831 million.
Reserves still rose because the financial account brought money in
A current account deficit does not mean reserves fall. Money also comes in through loans, bonds and investment, which sit in the financial account. The Finance Division's October 2026 update says the overall balance of payments had a $3.1 billion surplus in July to September.
It gives three reasons: a $3.0 billion Eurobond sold in September, net portfolio inflows of $2.9 billion, and foreign direct investment of about $720 million, up about 20%. That is why State Bank reserves climbed above $21.5 billion, as shown in SBP reserves for the week to 23 October.
How to check the current account on the SBP site
SBP posts the summary in the middle of each month for the month before. September's came on 16 October, so October 2026's figure should come in mid-November. SBP has not fixed a date.
- Open the State Bank of Pakistan website and go to economic data.
- Find "Summary of Balance of Payments as per BPM6", monthly.
- Read the first line, "Current Account Balance", for each month and the year to date.
- Check the column headings: R means revised and P means provisional.
- Compare with the same month last year in the next column.
Remittances are the biggest single support for the current account. The latest monthly release is in remittances for September 2026, and the trade side in the September trade deficit.
Common questions
What was Pakistan's current account in September 2026?
A deficit of $356 million, according to SBP's provisional figure. September 2025 had a $133 million surplus.
What is the current account deficit for July to September 2026?
$874 million, against $755 million in the same three months of 2025.
Why did the deficit widen?
Goods imports grew 14.3% to $17.8 billion while goods exports grew 7.7% to $8.5 billion. Remittances grew 14.0% but did not cover all of the extra imports.
Did Pakistan have a current account surplus last year?
In FY25 (July 2024 to June 2025) the account showed a $1,838 million surplus. FY26 ended with a $391 million deficit, revised.
Does a current account deficit hurt the rupee?
It adds demand for dollars. But in this quarter, bond and investment inflows more than covered it, and reserves rose.
When is the October 2026 current account figure due?
Around mid-November 2026, if SBP follows its recent pattern. It has not announced a date.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 1 November 2026. Current account, trade, income and remittance figures come from SBP's Summary Balance of Payments as per BPM6 for September 2026 (Balancepayment_BPM6.pdf, created 16 October 2026), downloaded from sbp.org.pk on 1 November 2026. The file's columns are misaligned, so each figure was checked against its balance. July's figures and every change are our subtraction. The balance of payments surplus, Eurobond, portfolio and FDI figures come from the Finance Division's Monthly Economic Update and Outlook for October 2026. The first August figure of $98 million is from our earlier page.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
