KARACHI : The country’s trade deficit registered a 22.64 per cent decline in July – the first month of current fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS).

As per the figures, exports rose by 6.04 per cent to two billion dollars in the month as compared to exports worth 1.88 billion dollars registered during last year’s corresponding period.

Whereas imports registered a 1.97 decline to clock in at 3.60 billion dollars as compared to 3.71 billion dollars seen in July last year.

The figures show trade deficit shrank 22.64 per cent to 1.64 billion dollars as compared to 1.82 billion dollars recorded last year in July.

on Aug 8, Moody’s confirmed Pakistan’s B3 credit rating with a stable outlook as part of the review for downgrade, according to a statement issued by the agency. It said Pakistan’s economy is improving and the biggest challenge being faced by it, the current account deficit, is also shrinking.