Nepal’s trade deficit at Rs 1337bn in 11 months of current FY

KATHMANDU: Nepal's trade deficit has reached Rs 1337.39 billion in the past 11 months of the current fiscal year 2022/23. As per the data released by the Department of Customs on Thursday, the country imported goods worth around Rs 1481 billion while the exports of the country remained at Rs 143.58 billion till mid-June. However, the volume of 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, the imports have decreased 16.01% and exports 22.74%. With the decrease in the volume of the total foreign trade, the country's trade deficit has also decreased by 15.21% in the current fiscal year, according to the department. Of the country's foreign trade, the proportion of imports is 91.16% while the exports remained 8.84% 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 was Rs 838.85 billion. Similarly, Nepal exported goods worth Rs 1.52 billion while goods worth Rs 202.37 billion were imported from China in the 11 months. According to data, Nepal has huge trade deficit with Indonesia, the UAE and Argentina. According to the department, Nepal has a trade surplus with Denmark, Norway, Algeria, Niger, Cambodia and Uruguay, among others. The key imports of the country include diesel, petrol, liquefied petroleum gas (LPG), 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. READ ALSO:

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