Pakistan has shown a significant growth of 24% in the month of March as compared to the previous month, experts say due to the depreciation of Rupee and provision of duty drawback the exports rose by 24 percent.
The current exports reached $2.23 billion in March 2018, this growth of 24 percent is higher in the last four years in which country’s exports were around $20 billion to $25 billion. The government has recently allowed Rupee to fall against U.S. dollar which helped in enhancing exports. “The initiatives took by the government to drawback duties as well as exchange rate adjustments have contributed positively to the growth of exports.”—The Nation reported.
According to the ministry of commerce, improved market access in the European market owing to the successful review of GSP Plus facility also played a vital role in this growth. As compared to March 2017 the growth is 24% which is remarkable with proper measures by the ministry, the growth was 17% up when compared to February 2018. The ministry also said there were lower imports during the past few months and especially in March.
The ministry, on the other hand, says imports remained under pressure due to increasing oil prices. The import of fuels such as; (Oil, LNG, Gas, Coal) during the month of March 2018 kept the balance of trade around USD 3 billion which is, however, 5.7 percent lower than March 2017 due to an increase in exports.