Merchandise exports fell by more than 2%, service exports increased in May

Exports of goods exhibit fluctuation amidst global uncertainty. Goods exports declined 2.17 percent in May this year compared to May last year, and in April this year, they climbed nine percent. But for the month of May, combined exports of both goods and services were up 2.8 percent compared to the previous year's corresponding period. The performance of service exports continues to be very good again.

According to the data of the Ministry of Commerce and Industry, in May, total exports of goods were $ 38.73 billion and imports were $ 60.61 billion. In May, there was a decline of 1.7 percent in the import of goods compared to the same period last year. On the other hand, in May this year, service exports were $32.39 billion, while in May last year, service exports were $29.61 billion.

In May, goods and services combined, exports of $71.12 billion were made, while in May last year, both were exported together to the tune of $69.20 billion. The Commerce Ministry says that in May, mainly petroleum products exports declined by 30 percent as compared to May last year; hence, the total export of goods has declined.

The export of electronics goods continues to be strong as before, and its exports increased by 54.10 percent in May. There was also an increase in the export of other employment-oriented goods. In May, gold imports declined by 12.60 percent as compared to May last year, but silver imports increased by 589 percent.

Percentage growth in export of major commodities in May: Electronics 54.10%, Readymade garments 11.35%, Pharma 7.38%, Leather and leather products 6.89%, Chemicals 16%, Tobacco 42%, Coffee 8.18%, Fruits and vegetables 2.56%.