ISLAMABAD: Exports of merchandise grew of 19 per cent year-on-year in April 2018. The trend has been on the go since June 2017. Exports have posted a double digit growth in FY18 after a long period of seven years.

In absolute terms, the proceeds edged up to $2.13 billion in April from $1.79bn a year ago, data released by the Commerce Division showed on Thursday.

On the other hand, the import bill was up 14pc to $49.45bn in July-April this year as against $43.33bn over the corresponding period of last year. On a monthly basis, import bill was higher by 3pc to $5.1bn in April, from $4.96bn over the corresponding month of last year.

But data show that despite this growth in export proceeds, the trade deficit surged by 14.4pc to reach $30.24bn in the 10 months from $26.43bn over the corresponding period of last year. Month on month, however, the trade deficit decelerated by 6pc to $2.97bn in April as against $3.16bn over same month last year.

Talking to Dawn, Commerce Minister Pervaiz Malik said that export proceeds recorded the second highest growth of 19pc in April, lagging a little behind the highest increase which was posted in April. He added the yearly total will reach $23bn by end of June. The target for FY18 was set at $23.09bn.

In the 10 months of 2017-18, export proceeds witnessed an annual growth of 13.67pc to reach $19.2bn.

The current year’s export performance has already contributed additional foreign exchange inflows of around $2.3bn during these months and the figure is expected to reach $3bn by the end of FY18.The Commerce Division claimed the imports have also responded to steps taken to check the surge in consumer goods inflows since the past few years.

The imposition of regulatory duties on 355 non-essential consumer items by Economic Coordination Committee on the proposal of commerce ministry resulted in a reduction of their imports, while the FBR’s turnover registered an increase.

Published in Dawn, May 11th, 2018