Exports post 32 percent growth in May

The country exports grew by 32 percent in May, 2018 as compares to May 2017.
According to details, exports continue to post the figures above $ 2 billion for the third consecutive month since March 2018. The month of May 2018 witnessed a growth of 32 percent year-on-year compared to May, 2018. The merchandise exports for the month earned Rs 247.5 billion as compared to Rs 169.7 billion earned in May last year. It shows additional revenues of around Rs 80 billion for exporters in the May 2018. Hence in rupee terms the growth is a whopping 46 percent.
However in dollar terms the growth was 32 percent (the highest ever month-on-month growth) from $ 1.620 billion to $ 2.144 billion which shows the stability at higher levels being reflected in the export figures. In terms of annual export growth, the growth figures have improved from 14 percent in July-Apr figures to now 15 percent in July-May. The overall exports in past eleven months have already reached $ 21.326 billion which is almost $ 1 billion higher than the annual figures of 2016-17.
According to Secretary Commerce it can be safely projected that the exports for the current year will surpass $ 23.4 billion bringing in an additional foreign exchange of around $ 3 billion. The imports fro the month also showed an increase of 15% mainly due to persistently high oil price and increased volumes of imports of fuels and machinery to overcome energy deficit. The overall increase in imports for the eleven months period remained at 14% as compared the previous fiscal year.