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Pakistan’s merchandise trade deficit reached $10.79 billion in the first quarter of fiscal year 2026–27 (July–September 2026), up 15.3% from $9.37 billion a year earlier. The deficit widened because imports grew faster than exports: imports rose 13.2% to about $19.2 billion, while exports increased 10.8% to $8.42 billion.
Pakistan’s trade deficit in Q1FY27
The $10.79 billion figure is the gap between merchandise imports and exports for July through September 2026. It is commonly rounded to $10.8 billion, and the year-on-year increase is rounded to 15%. The Pakistan Bureau of Statistics (PBS) is the country’s statistical authority for trade data and says it publishes trade statistics monthly, quarterly and annually: PBS External Trade Statistics.
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| Measure | Q1FY27, July–September 2026 | Change from Q1FY26 |
|---|---|---|
| Merchandise trade deficit | $10.79 billion, reported by Business Recorder from PBS figures (Business Recorder) | 15.3% wider, reported by The News International from PBS figures (The News International) |
| Exports | $8.42 billion | Up 10.8% |
| Imports | About $19.2 billion | Up 13.2% |
The export and import values and growth rates are reported by The News International as PBS figures. The deficit comparison uses the reported prior-year Q1FY26 figure of $9.37 billion.
Why did the deficit widen?
Imports were already much larger than exports, and the import bill grew at a faster rate over the quarter. That combination increased the distance between the value of goods entering Pakistan and the value of goods it exported. The aggregate figures establish this arithmetic, but do not identify which products or trading partners account for the change.
What happened in September?
September 2026 recorded a merchandise trade deficit of $3.56 billion, compared with $3.35 billion in September 2025 and $3.29 billion in August 2026. The News International reported the monthly figures as PBS data; Business Recorder separately reported a rounded September deficit of $3.6 billion.
| September 2026 measure | Reported value | Comparison |
|---|---|---|
| Trade deficit | $3.56 billion | Up from $3.35 billion in September 2025 and $3.29 billion in August 2026 |
| Exports | $2.94 billion | Up 17.6% year-on-year |
| Imports | $6.49 billion | Up 11.1% year-on-year |
September’s faster year-on-year export growth does not reverse the full-quarter pattern: for Q1FY27 as a whole, imports grew faster than exports. The monthly figures are reported by The News International.
Is the trade deficit the same as the current-account deficit?
No. This figure covers merchandise trade—the value difference between goods exports and goods imports. It is not the current-account deficit, which covers a broader set of transactions, including services and other income and transfers. The $10.79 billion merchandise gap alone therefore cannot establish the current-account balance or its implications for foreign-exchange reserves or the exchange rate.
How firm are the figures?
The Q1 and September totals cited here are attributed to PBS by news reports. The News International described its figures as preliminary. PBS’s August 2026 advance release explicitly labels its monthly data provisional, but that does not by itself establish the precise status of the September release. The official August notice is available at PBS Monthly Advance Releases on Foreign Trade Statistics for August 2026.
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