Pakistan, Jan. 20 -- Pakistan's external accounts have snapped back from a brief respite only to reveal a deeper malaise. After posting a modest current account surplus in November 2025, the country swung back into a deficit of around $244 million in December, according to the latest balance of payments data. Over the first six months of FY2025-26, the cumulative current account position shifted into a deficit of roughly $1.17 billion, a stark reversal from a surplus in the same period last year.

Two figures tell the story of a widening structural gap: imports of goods in December totalled around $5.74 billion while exports lingered near $2.75 billion. Trade in services also remained negative, with exports of roughly $936 million falling...