The trade deficit contracted 15.25 per cent during the first 11 months of the current financial year (2023-24) as compared to the corresponding period of the last year. During the period from July-May 2023-24, local exports grew by 10.65 per cent as it was recorded at $28.070 billion as compared to the exports of $25.368 billion of the same period of the last year, according to the trade figures released by the Pakistan Bureau of Statistics on Monday. Meanwhile, imports into the country during the period under review decreased by 2.37 per cent as it was registered at $49.802 billion as against the imports of $51.010 billion in the same period of last year. As compared to the corresponding month of last, exports grew by 27.08 per cent in May 2024, whereas the imports into the country increased by 13.89 per cent. During the month of May 2024, exports from the country were recorded at $2.792 billion as compared to the exports of $2.197 billion, whereas the imports into the country were recorded at $4.902billion against the imports of $4.304 billion of May 2023. On month on month basis, the trade deficit narrowed by 15.43 per cent as in May 2024 as exports grew by 18.76 per cent and imports increased by 1.16 per cent.