Pakistan’s Current Account Shows Significant Surplus in March 2025

According to figures released by the State Bank of Pakistan (SBP) on Thursday, Pakistan’s current account (C/A) recorded a substantial surplus of $1.2 billion in March 2025, a notable increase from the revised deficit of $97 million observed the previous month.

On a year-over-year (YoY) basis, the C/A saw a 230% upswing compared to the surplus of $363 million (revised) registered during the corresponding period last year.

Brokerage firms Topline Securities and Arif Habib Limited have noted that the nation achieved its “highest-ever monthly C/A surplus” in March 2025.

Cumulatively, Pakistan’s current account balance reached a surplus of $1.86 billion in the first nine months of the current fiscal year (9MFY25). This is a considerable shift from the $1.65 billion deficit recorded during the equivalent timeframe in the prior fiscal year.

Khurram Schehzad, Advisor to the Finance Minister, stated that with reduced oil prices and sustained record remittance inflows, Pakistan’s current account is anticipated to remain strongly positive through June FY25, potentially extending into FY26. This projection is expected to bolster overall investor confidence.

Detailed Analysis

In March 2025, the country’s aggregate exports of goods and services totaled $3.51 billion, reflecting an 8.7% rise from the $3.23 billion recorded in the same month of the preceding year.

Correspondingly, total imports amounted to $5.92 billion in March 2025, indicating an 8% increase on an annual basis, as per SBP data.

Workers’ remittances reached $4.05 billion in March 2025, marking an increase of over 71% compared to the previous year.

Constrained economic expansion coupled with elevated inflation has been instrumental in reducing Pakistan’s current account shortfall, further supported by increased export revenues. The implementation of high interest rates, which have recently been adjusted downward, alongside certain import restrictions, has further assisted policymakers in achieving a reduced current account deficit.