Trade deficit exceeds 460 billion in first quarter of current fiscal year

The country’s trade deficit in the first four months of the current fiscal year 2080-81 BS (2023-24) has surpassed Rs 460 billion.

According to data released by the Department of Customs, the country has a trade deficit of Rs 461 billion 938 million 93 thousand till mid-November.

According to the Department, the country’s foreign trade value during this period was over Rs 563 billion while the import value was of over Rs 512 billion followed by Rs 50.56 billion of imports.

Comparing to the foreign trade sheet of the corresponding period in the last fiscal year, the import value went down by 3.79 percent, export by 7.68 percent, trade deficit by 3.34 percent and the overall foreign trade by 4.15 percent. India remains the largest trade partner for Nepal.

In the first four months of the current fiscal, Nepal-India trade value stood at over Rs 347 billion, resulting in a trade deficit of over Rs 281 billion.