ISLAMABAD - The countrys trade deficit went up by 28.78 per cent during the first quarter (July-September) of the ongoing financial year as it was recorded at $5.114 billion in the period under review against $3.971 billion in the same period of previous year. The figures, released by Federal Bureau of Statistics (FBS) on Monday, revealed that exports registered a handsome growth of 18.68 per cent in July-September 2011 period and were recorded at $6.003 billion against $5.508 billion of the July-September 2010 period. Meanwhile, the imports also surged by over 23 per cent and were recorded at $11.117 billion in July-September 2011 against $ 9.029 billion of July-September 2010 period. Therefore, the trade deficit was recorded at $5.114 billion during the first quarter of the ongoing financial year. The trade analysts believed that countrys trade deficit might increase, as the imports of the country might increase in the coming months due to the soaring oil prices at international market. Contrary to the imports, the countrys exports witnessed a jolt due to the floods in Sindh province, as it destroyed 80 per cent cash crops. The floods in Sindh province have badly destroyed the cotton crop, which might result in affecting the overall exports target of the country as Pakistan heavily depends on cotton exports. According to the estimates of All Pakistan Textile Mills Association (APTMA), rains have destroyed approximately 1.5 to 2 million bales, leaving a short fall of about 1.5 million bales in comparison to last year; therefore, the country will not be able to export its cotton. According to the data, the overall exports showed decline of 6.52 per cent in September 2011 if compared with the exports of August 2011. The country exported goods worth $1.836 billion in September 2011 against $1.694 billion of August 2011. Similarly, the imports also went down by 4.83 per cent in September 2011 against August 2011, as the country imported goods worth $3.622 billion during the last month as compared to $3.806 billion of August 2011. Therefore, the countrys trade imbalance went down by more than three per cent in September 2011 against August 2011. The countrys trade deficit was recoded at $1.786 billion in September 2011 against $ 1.188 billion of the August 2011. However, exports surged by 15.25 per cent in September 2011 if compared to the figures of September 2010, and imports also increased by 30.24 per cent in the said period.