Pakistan’s current account turns negative in Jan amid rising imports

Pakistan’s current account, which had remained in surplus for five months, slipped into a deficit in January due to increasing imports, according to the State Bank of Pakistan (SBP).

The country recorded a current account deficit of $420 million in January, marking the highest level in seven months. The surge in imports pushed Pakistan’s average monthly import bill from $4.25 billion to $5 billion.

Despite this setback, the cumulative current account for the first seven months of the ongoing fiscal year remained in surplus at $680 million. In contrast, during the same period of the previous fiscal year, the current account deficit stood at $1.8 billion.