One month saw a 228% spike, but it was not enough. This is how the annual import figures of gold for Pakistan are entirely different from those of May.
The fall in Pakistan’s gold imports has been the overall trend this fiscal year despite the fact that the latest monthly data shows an excellent recovery. “Gold imports have fallen 47.79 percent for the first eleven months of the current fiscal year as compared to the corresponding period last year.”
The imports of gold for July to May in the fiscal year 2025-26 were only $16.09 million as compared to the $30.817 million reported during the corresponding period of the previous fiscal year 2024-25 – almost half of what was imported last year.
Volume Numbers Also Say the Same
The reduction also becomes evident when we consider volumes. Gold imports by Pakistan in the stated period totaled 306 kilograms, compared to 391 kilograms in the prior period – a reduction of 21.65 percent. The reduction in value is much higher than that of volumes, indicating a significant change in either prices or import products.
When May Came Along The Turnaround
Under this analysis, May 2026 turned out to be an exceptional case. When compared to May 2025, there was an increase in imports of gold by 228.38 percent, rising from $927,000 to $3.044 million. There was an increase in quantity of imports by 125.93 percent, rising from 9 kg to In just one month, a more than double increase in value and volume clearly represents a change in purchasing behavior.
Month on Month Momentum Too
This strength in May was not only evident from a year on year perspective but had also continued the momentum from the prior month. The gold imports were up by 28.33 percent month on month to $2.372 million from $1.849 million last month. The volumes went up by 35.56 percent to 20 kg from 15 kg last month.
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Why the Annual Decline is More Important
While May showed an excellent trend, the decline over eleven months is the more important story in terms of import statistics in Pakistan. One good month with triple digit growth can never overcome ten months of poor performances. Any person analyzing these statistics would have to consider two truths at once; one being the steep annual decline of almost 48%, while the other is the sudden recovery in just one month.
What This May Indicate Moving Forward
The important issue as far as the coming fiscal year is concerned is whether this sudden jump indicates the beginning of recovery or a mere spike. The pattern of gold imports in Pakistan is usually influenced by changes in prices internationally as well as changes in exchange rates and duties.
If the next few months keep displaying growth similar to that seen in May, it would indicate a true inflection point. Otherwise, if the overall trend continues declining as it did for the majority of the fiscal year 2025-26, then the month of May could just be an aberration.
Nayab Fatima is a university graduate and an emerging media professional with a strong passion for journalism, research, and independent reporting. She specializes in developing well-researched, fact-based, and analytical news stories covering a wide range of sectors, with particular expertise in technology, telecommunications, aviation, and the automobile industry.
