ISLAMABAD, Aug 30 (APP):: The exports of cotton yarn increased by 35.96 percent during the first month of current fiscal year compared to the exports of the same month of last year, Pakistan Bureau of Statistics (PBS) reported.

Exports of the commodity during July 2023 were recorded at $97.032 million as compared to the exports of $71.365 million in July 2022, according to the latest PBS data.

Meanwhile, on month-on-month basis, the exports of cotton yarn however decreased by 9.40 percent in July 2023 when compared to the exports of $107.097 million in June 2023.

The overall textile exports reached $1,311.659 million during the first month of the current financial year (2023-24). Textile exports showed a decline of 11.44 percent from $1,481.173 million during the same month of last year (July 2022-23).

It is pertinent to mention here that the trade deficit witnessed a decline of 41.16 percent during the first month of the current fiscal year (2023-24) as compared to the corresponding month of last year.

The trade deficit during the month under review was recorded at $1.607 billion against the deficit of $2.731 billion in July 2022, a decline of 41.16 percent. The exports during the month were recorded at $2.057 billion against $2.250 billion last year, showing a decline of 8.57 percent.

On the other hand, the imports witnessed a sharp decline of 26.44 percent by falling from $4.981 billion last year to $3.664 billion during July 2023.