KARACHI: The country's trade deficit narrowed to 22.64 per cent in July, the first month of the current financial year, according to data released by the Bureau of Statistics of Pakistan (PBS).
Exports during the same period last year stood at $ 1.88 billion. Exports rose 6.04 percent to $ 2 billion this year.
The trade deficit widened to $ 1.64 billion, up 22.64 per cent from $ 1.82 billion in July last year.
Imports fell by $ 3.97 billion compared to $ 3.71 billion in July last year.
According to a statement issued by the agency, on August 8, Moody’s confirmed Pakistan’s B3 credit rating with a consistent outlook as part of a review for downgrading. They said Pakistan’s economy is improving and the biggest challenge it was facing was reducing its current account deficit.