ISLAMABAD - Country’s trade deficit has narrowed by over 33 percent during five months of the current financial year due to massive decline in imports and increase in exports.

The country’s trade deficit has recorded at $9.67 billion in July to November period of the year 2019-20 as against $14.44 billion in the corresponding period of the previous year, the latest data of Pakistan Bureau of Statistics (PBS) showed on Wednesday.

The deficit has reduced by 33.04 percent in five months that would help in controlling the current account deficit. The PBS data showed that Pakistan’s imports have declined by 18.41 percent to $19.21 billion in July-November period of the current fiscal year from $23.55 billion in the same period of the previous year.

On the other hand, the country’s exports have recorded growth of 4.79 percent in the period under review. Pakistan’s exports have recorded at $9.55 billion in the first five months of the ongoing fiscal year as against $9.11 billion in last year period.

According to the PBS data, the country’s trade deficit has recorded at $1.93 billion in the month of November as compared to $2.74 billion in the same month of previous year showing decline of 29.65 percent.

In the month of November, Pakistan’s exports have recorded growth of 9.35 percent. The country has exported goods worth $2.01 billion in last month.

Meanwhile, the imports have reduced by 13.99 percent to $3.9 billion in November 2019 from $4.58 billion in November 2018.