Over the first four months of fiscal year 2019-20, the country's trade deficit decreased significantly by 33.5 per cent, a report by the Ministry of Commerce revealed on Saturday.

Trade deficit fell from $11.7 billion recorded from July-October of FY18-19 to $7.8bn during the same period this year.

The decrease in trade deficit can largely be attributed to a fall in imports, which recorded a decline of 19.3pc. Imports during the period of July-October 2019 amounted to $15.3bn as opposed to $19bn during the same period last year.

Exports, meanwhile, saw a meagre rise of 3.6pc and grew from $7.3bn to $7.5bn.

During the month of October, trade deficit fell by 32pc and was recorded at $1.97bn as opposed to last year's $2.9bn.

Exports in the month of October of the current fiscal year increased by 6pc, rising from $1.9bn to $2bn. Imports fell by 17pc and were recorded at $3.9bn as opposed to $4.8bn from last year.