islamabad Country’s trade deficit narrowed by 16.58 per cent during the first month of the ongoing fiscal year (2014-15) compared to the same month of last year, mainly owing to decline in imports into the country.According to the latest trade figures released by Pakistan Bureau of Statistics (PBS), the imports into the country decreased by 11.80 per cent in July 2014 compared to the imports of July 2013. The imports into the country were recorded at $3.364 billion in July 2014 compared to the imports of $3.814 billion in July 2013, the PBS data revealed. Exports from the country, however, also decreased by 7.88 per cent by going down from $2.095 billion in July 2013 to $1.930 billion in July 2014.Based on the figures, the overall trade deficit in July 2014 was recorded at $1.434 billion compared to the deficit of $1.719, showing a deficit of 16.58 per cent.Meanwhile, on month-on-month, the imports into the country decreased by 22.45 per cent in July 2014 when compared to the imports of $4.338 billion recorded during June 2014. The exports from the country during July 2014 also decreased by 4.79 per cent when compared to the exports of $2.027 billion in June 2014. Based on the figures, the trade deficit in July 2014 decreased by 37.95 per cent when compared to the deficit of $2.311 recorded during June 2014, according to the data.