The new year had brought better prospects for country's trade with exports rising 16.2 per cent year-on-year between January 1-7 driven by good performance from engineering goods and petroleum products.
In value terms, the exports in the first week of the new year grew by $866 million with the bulk of this increase (73.5 per cent) coming from 51.8 per cent or $686.8 million growth in exports of engineering goods. Engineering goods performance was led by a 30 times rise in exports to South Africa at by $462.2 million.
Petroleum products also contributed to increase in the exports and accounted for 13.2 per cent of the total increase. The exports increased by 17.3 per cent YoY at $114.7 million. This was driven by increase in exports to South Africa (+$71 million) and Australia (+$93 million).
Some of the increase in exports in week one was offset by decrease in exports of readymade garments (-26.0 per cent YoY, -$87.3 million), man made yarns (-22.0 per cent YoY, -$23.2 million) and inorganic and organic chemicals (-5.5 per cent YoY, -$22.0 million).
During the week, overall imports grew by 1.1 per cent YoY or an increase of $92.4 million.
Imports of pearls, precious and semi-precious stones increased by 86.5 per cent YoY (+$220.6 million) accounting for 238.8 per cent of the overall increase.
The import growth was led by increase in imports from UAE (63.4 per cent YoY, +$74.2 million) and USA (345.8 per cent YoY, +$47.6 million)
Vegetable oil also registered significant increase of 88.2 per cent YoY (+$121.4 million) accounting for 131 per cent of the total increase
Some of the increase in imports was offset by decrease in imports of Transport Equipment (-59.8 per cent YoY, -$425.4 million), Petroleum Products (-14.5 per cent YoY, -$324.6 million) and Fertilizers (-35.9 per cent YoY, -$88.0 million).