On August 11, 2017, the PBS trade summary noted an increase of 26.85 percent in exports during the month of August 2017 over July 2017 subsequent to exports increased $2.609 billion from $1.631 billion while an increase of 13.59 percent was in imports was noted with imports surged to $5.492 billion in August 2017 from $4.835 billion in July 2017, said a press release.
PBS in a statement uploaded on its website stated that this occurred due to use of incorrect exchange rate for August 2017. This error was rectified and the correct numbers placed on the website. The exports and imports data in rupee terms and for the July-August period was correct. As per the corrected numbers, the exports in August show a healthy growth of 14.41% over July and 12.8% growth over the last August in dollar terms. Similarly for imports the data shows a low growth of 2.42% over July and 15.08% over the last August in dollar terms. PBS regrets its error and has put in place measures to ensure that such a lapse does not occur again.
Copyright Business Recorder, 2017