ISLAMABAD - The countrys trade deficit was recorded at $1.486 billion during the first month (July) of the ongoing financial year 2011-12 against $1.513 billion during the same period last fiscal year 2010-11 thus registering a decrease of over one per cent. According to the figures released by Federal Bureau of Statistics (FBS) on Thursday, the countrys trade imbalance has shrunk by 1.78 per cent in one-year period, as it has registered at $1.486 billion in July 2011 against the $ 1.513 billion of the July 2010. The FBS data revealed that countrys exports showed a handsome growth of over 27 per cent in July 2011 period and totalled at $2.203 billion against $1.726 billion of July 2010. Meanwhile the imports also surged by over 13 per cent and recorded at $3.689 billion in July 2011 against the $3.239 billion of July 2010. Therefore the trade deficit has recorded at $1.486 billion in the first month of ongoing financial year. It might be mentioned here that country had achieved record level of exports of over $25 billion during the previous fiscal year 2010-11. The growth in exports remained broad based as almost all the groups (textile and non-textile) witnessed a high positive growth during the last financial year. However the lions share of this years healthy exports came from textile sector and food group. However, business community are showing serious concerns this year, as they claimed that government did not announce any exports target for the ongoing financial year 2011-12 despite passing almost one and half month. They are of the view that government should come with strategy in consultation of the business community to fix the exports target for the present fiscal year. According to the FBS data, the overall exports showed decline of 9.23 per cent in July 2011 if compare with the exports of June 2011. The country exported good worth of $2.203 billion in July 2011 against the $2.427 billion of June 2011. However, the imports have decreased by over four per cent in July 2011 against the June 2011, as the country imported good worth of $3.689 billion during the last month as compare to $3.863 billion of June 2011.