Imports dropped a steep 19.3% in the first quarter of 2019, even though export earnings increased by 5.6% year-on-year as the trade deficit contracted to $ 1,661 million from $ 2,982 million recorded in the first quarter of 2018, the Central Bank said yesterday. Releasing the latest External Sector Performance Report, the Central Bank said imports had declined for five straight months, with March seeing a 12.6% drop, on a year-on-year basis, to $ 1,729 million. The Central Bank attributed the drop to policies aimed at discouraging imports and said that an import pick-up may take place in the second quarter as these policies were reversed. All imports other than fuel saw a decline as economic activity slowed. – Daily Ft

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