Pakistan’s current account recorded a deficit of $328 million in July 2026, marking the start of the new fiscal year 2026-27 (FY27), according to data released by the State Bank of Pakistan (SBP) on Tuesday.
The current account remained in deficit during July, but the shortfall was lower than the $530 million deficit recorded in the same month last year.
The July 2026 deficit also improved significantly compared with the previous month. Pakistan had recorded a current account deficit of $814 million in June 2026, meaning the July shortfall declined by around 60% on a month-on-month basis.
The improvement was largely supported by stronger goods exports, which helped offset the country’s import bill.
According to Topline Securities, goods exports increased 17% month-on-month and 9% year-on-year to $3 billion in July. This marked the highest monthly export level recorded in 19 months.
Pakistan’s imports remained broadly stable on a month-on-month basis at $6.2 billion during July.
Despite the continued gap between exports and imports, the stronger export performance helped reduce pressure on the current account compared with June.
The latest figures indicate that Pakistan began FY27 with a current account deficit, although the size of the shortfall was considerably lower than both the previous month and July 2025.
The sustainability of the improvement will depend on export growth, import trends and developments in the country’s external financing position during the coming months.
