The deficit follows a deficit of $291 million recorded in October 2025, which was originally reported to be at $112 million, and a surplus of $684 million in November 2024.

The surplus came from a significantly lower import bill during the month.

In November 2025, the country’s total export of goods and services amounted to $3.09 billion, down over 10% as compared to $3.44 billion in the previous month.

Meanwhile, total imports totalled $5.68 billion in November 2025, a decrease of nearly 12%, compared to $6.43 billion in October 2025, according to SBP data.

During November 2025, Pakistan’s workers’ remittance inflows totalled $3.19 billion, compared to $3.42 billion in October 2025, representing a 7% decrease on a monthly basis.

 “Current account posted a surplus mainly due to a sharp compression in imports supported by lower global commodity prices, alongside resilient remittance inflows that more than offset weaker exports,” Waqas Ghani, Head of Research at JS Global, told Business Recorder.

Meanwhile, the surplus was supported by strong workers’ remittances, Saad Hanif of Ismail Iqbal Securities said.

 “Importantly, the goods trade deficit narrowed by around 10% MoM, falling to $2.45 billion, reflecting contained imports.

 “Alongside a manageable services deficit of ~$140 million and a secondary income surplus of ~$3.43 billion, this helped comfortably offset the primary income outflow, keeping the current account in surplus for the month.”

During the 5MFY26, the current account recorded a cumulative deficit of $812 million, as compared to a surplus of $503 million in the same period last year.

Pakistan’s foreign exchange reserves (excluding CRR/SCRR) rose to $14.68 billion, reflecting a substantial 21% rise year-on-year, indicating stronger external buffers despite ongoing structural pressures on the current account.