In a major achievement on the economic front, Pakistan’s current account recorded a surplus of $1.2 billion in March 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday.

According to brokerage firm Topline Securities, the March surplus, the highest ever on record for a single month, compares with a $363 million surplus recorded in the same month a year earlier and a deficit of $97 million in February 2025.

This takes the cumulative surplus for the first nine months of FY25 to $1.86 billion, a sharp reversal from the $1.65 billion deficit during the same period last fiscal year.

The previous record for the highest monthly surplus was $981 million in August 2012, said Topline Securities in a note.

The improvement was underpinned by a 37% year-on-year increase in remittances, which jumped to $4.1 billion in March, also reflecting a 30 % increase from February.

Topline attributed the surge to seasonal inflows (Eid/Ramadan), a rise in migration of workers, improved formal channel routing and favourable incentives from financial institutions. The central bank has since raised its full-year remittance forecast to $38 billion from $36 billion.

Services deficit narrowed on a monthly basis to $226 million, down 13% from February, though it was still 14% higher than a year earlier. The primary income deficit rose to $657 million, up 11% year-on-year (YoY).

Exports of goods also grew 10% YoY to $2.77 billion in March, while imports rose 8% to $4.95 billion.

Topline expects the current account to remain in surplus for the remainder of FY25, forecasting a full-year surplus of $1.24 billion, equivalent to 0.3% of GDP.