Pakistan’s goods imports hit 51-month high in September
KARACHI (Staff Report): Pakistan’s goods imports surged to USD 6.17 billion in September 2026, marking the highest level in 51 months, according to the balance of payments data released by the State Bank of Pakistan (SBP).
The figure represents a sharp increase in the country’s import bill, reflecting rising demand across key sectors of the economy. On a year-on-year basis, imports rose by 22.65 percent from USD 5.03 billion in September 2025. On a month-on-month basis, imports increased by nearly 13 percent compared to USD 5.46 billion recorded in August 2026, the SBP data shows.
The surge in imports has widened Pakistan’s current account deficit, which jumped to USD 356 million in September, up 388 percent from the previous month, according to SBP. A year earlier, the country had posted a current account surplus of USD 133 million. For the first quarter of fiscal year 2026-27 (July-September), the current account deficit stood at USD 874 million, up 16 percent from USD 755 million a year earlier.
Petroleum Products Drive Import Surge
According to SBP’s sectoral breakdown, the petroleum group remained the single largest contributor to the import bill, accounting for 25.40 percent of total imports in September.
Petroleum imports reached USD 1.57 billion during the month, showing an increase of 34.18 percent year-on-year and 1.20 percent month-on-month. The rise comes amid persistently high global oil prices, with Brent crude remaining above USD 100 per barrel due to geopolitical tensions including the US-Iran conflict and attacks on energy infrastructure in the region.
Analysts noted that higher energy prices and increased volumetric demand for transport fuel and industrial consumption have pushed the oil import bill higher, putting pressure on the external account.
Food and Metal Imports Also Rise Sharply
Food-related imports also witnessed significant growth. The combined import of animal, vegetable fats and prepared foodstuffs was recorded at USD 784.28 million in September, up 22.64 percent from USD 639.48 million in September 2025. Compared to August, the category grew by 18.69 percent from USD 660.77 million.
Within the food group, oil seeds and oleaginous fruit imports surged by 89.19 percent year-on-year to USD 210.03 million, while animal or vegetable fats and oils rose by 14.82 percent to USD 353.17 million. Cereal imports more than doubled, rising by 116.71 percent to USD 17.78 million, the SBP data shows.
Base metals and related articles also recorded substantial growth, with imports reaching USD 658.77 million, up 49.14 percent year-on-year and 34.07 percent month-on-month. Iron and steel imports alone climbed by 56.12 percent annually to USD 482.14 million, indicating renewed activity in the construction and manufacturing sectors.
In contrast, machinery and mechanical appliance imports declined by 2.12 percent year-on-year to USD 794.76 million, with electrical machinery at USD 448.54 million, down 2 percent, and nuclear reactors, boilers and machinery at USD 346.22 million, down 2.28 percent.
Exports Rise But Fail to Offset Imports
While imports surged, SBP data shows that goods exports also increased by 23 percent month-on-month to USD 3 billion in September, helping to partially contain the trade gap. However, the rise in imports outpaced exports, leading to a widening of the goods trade deficit to USD 3.2 billion, up 5 percent from August.
The Pakistan Bureau of Statistics (PBS) provisional data also confirms the trend, with exports rising 17.61 percent year-on-year to USD 2.939 billion in September, while imports rose to USD 6.494 billion, leaving a merchandise trade deficit of USD 3.555 billion for the month. For the first quarter, the trade deficit widened to USD 10.79 billion, up 15.13 percent year-on-year.
Pressure on External Account
The higher import bill has raised concerns over the external account stability. While remittances remained steady at USD 3.6 billion in September, up 13 percent from a year earlier, and helped contain the current account gap, analysts warned that unless energy prices ease, the deficit could remain under pressure.
“Unless energy prices ease, the current account deficit could remain under pressure, making remittances and export growth critical to keeping the external account in check,” analysts said.
The government is currently relying on strong remittance inflows, export growth, and external financing, including expected IMF disbursements, to manage reserves. Officials have also initiated tariff rationalization and a concessional loan program for exporters to boost competitiveness.