ISLAMABAD: The highest year-on-year growth in a month was reached in March 2018, when the exports for the month reached $2,230 million, higher by 24 per cent when compared with March 2017 and 17 per cent when compared with February 2018. On the other hand, imports growth remained subdued at only 5 per cent as compared to March 2017, which has also been one of the lowest growth in imports in the past many months.
The initiatives by the government to provide duty drawback as well as the exchange range adjustments have contributed positively to the growth. Improved market access especially in the European market owing to the successful review of GSP Plus facility also played an important role.
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 $3 billion for the month of March 2018, which is however 5.7 per cent lower than March 2017 due to robust exports growth.
