Nepal witnesses trade deficit of Rs 1337 billion in past 11 months

Nepal’s trade deficit has reached Rs 1337.39 billion in the past 11 months of the current fiscal year 2080/081 BS.

As per the data released by the Department of Customs on Thursday, the country imported goods worth almost Rs 1481 billion while the exports of the country remained Rs 143.58 billion till the last month of Jestha.

However, the volume of the foreign trade in the country has decreased in the current fiscal year compared to the previous fiscal year.

In the review period of the current fiscal year, imports have decreased 16.01 per cent and exports by 22.74 per cent. With the decrease in the volume of the total foreign trade, the country’s trade deficit has also decreased by 15.21 per cent in the current fiscal year, according to the Department.

Of the country’s foreign trade, the proportion of imports is 91.16 per cent while the imports remained 8.84 per cent in the first 11 months of the current fiscal year.

Likewise, Nepal’s trade deficit with India, the largest trading partner of the country, in the review period is Rs 838.85 billion.

Similarly, Nepal exported goods worth Rs 1.52 billion while the import from China remained goods worth Rs 202.37 billion.

The other countries that Nepal has a huge trade deficit are Indonesia, UAE and Argentina.
According to the Department, Nepal has trade surplus with Denmark, Norway, Algeria, Niger, Cambodia and Uruguay, among others.

The key imports of the country include diesel, petrol, LP gas, raw soybean, coal and crude palm oil.

The Department stated that carpet, palm oil, soybean oil and cardamom are the top goods that Nepal exported.