ISLAMABAD: The exp­or­ts of merchandise posted a growth of 24 per cent year-on-year to $2.23 billion in March, the Ministry of Commerce announced on Monday.

This is the highest growth posted in a single month in the last four years, according to an official announcement.

Between July-March, exports recorded a growth of 13pc year-on-year to $17.08bn.

According to the commerce ministry statement, the initiatives by the government to provide duty drawback as well as the exchange rate adjustments have contributed positively to the growth. Improved market access especially in the European market owing to the successful review of GSP+ facility also played an important role.

On monthly basis, imports growth remained subdued at only 5pc as compared to March 2017, which has also been one of the lowest growths in imports in the past many months. The import volume reached to $5.28bn in March against $5bn over the corresponding month of last year.

In the nine months period, the import bill reached to $44.4bn as against $38.4bn over the corresponding months of last year, an increase of 16pc.

Imports on the other hand are now finding their real value by improved exchange rate regime and regulatory duties on non-essential and luxury goods. However, imports remained under pressure due to continuation of oil prices on higher side.

The increase in fuels imports (oil, coal and LNG) both in the terms of price as well as quantities keep the balance of trade around $3bn for the month of March 2018, which is however 5.7pc lower than March 2017 due to robust exports growth, added the announcement.

The trade deficit has reached to $27.3bn in July-March period 2018 as against $23.3bn over the corresponding period of last year, showing an increase of 17pc.

However, the trade deficit dropped by 5pc in March 2018 to $3.04bn from $3.2bn over the corresponding month of last year.

Published in Dawn, April 10th, 2018