Exports are back into contraction territory despite the presence of a favourable base. The underlying growth impulses are weak. Major export heads such as petro products (crude dependent), textiles and engineering goods continue to decline on YTD basis. On the imports side, policy interventions, such as the minimum import price on steel products, are having an impact ? iron & steel imports have contracted 26.5% on YTD basis coupled with the fall in gold imports.