March 2018: exports increase by 24 percent, highest in four years

The country's exports have increased by 24 percent at highest point in 4 years reaching $2.23 billion in March 2018 as compared to corresponding month last year. According to an official statement of Commerce Division, the highest year-on-year growth in a month was reached in March 2018, when exports were $2.230 billion, higher by 24 percent when compared with March 2017 and 17 percent when compared with February 2018.
Import growth remained subdued at only 5 percent as compared to March 2017, which has also been one of the lowest growths in imports of past several months. Imports stood at $5.280 billion in March 2018 as compared to $4.797 billion in March 2017, indicating an increase of 10 percent. The comparison of trade figures of March 2018 with February 2018 shows that imports registered a growth of 5 percent and trade balance of minus five (-5) percent.
The Commerce Division has claimed that initiatives by the government to provide duty drawback as well as the exchange rate adjustments have contributed positively to the trade balance. Improved market access especially in the European market owing to the successful review of GSP Plus facility also played an important role.
It further claimed that trade balance is improving due to enhanced exchange rate regime and regulatory duties on non-essential and luxury goods. Imports remained under pressure due to higher oil prices. The increase in fuels import (oil, coal and LNG) both in terms of price as well as quantity kept the balance of trade at around $3 billion for the month of March 2018, which is 5.7 percent lower than March 2017 due to robust exports growth.
Pakistan Bureau of Statistics (PBS) releases monthly foreign trade figures on the 10th of each month, but Commerce Division made special arrangements with PBS to get the statistics one day prior to the announcement by PBS.
The overall exports in July-March 2018-19 posted a growth of 13 percent to $17.080 billion as compared to $15.104 billion during the same period in 2017-18. Imports during this period stood at $44.379 billion as compared to 38.401 billion, indicating a growth of 16 percent. The trade deficit showed a growth of 17 percent - to $29.39 billion during nine months of current fiscal year from $23.297 billion as compared to the same period last year.