Exports grow by 46pc in May 2018


ISLAMABAD: The rupee depreciation has started yielding positive results as exports grew by 46 percent to Rs247 billion in May 2018 as compared with Rs169.7 billion in the same month of the last year.
However, in dollar terms the exports maintained above $2 billion mark 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 dollar terms the growth of 32 percent is the highest ever month-on-month growth from $1620 million to $2144 million, 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 bn higher than the annual figures of 2016-2017.
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 for the month also showed an increase of 15 percent 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 percent as compared the previous fiscal year.