Trade deficit exceeds Rs 460 billion in four months

KATHMANDU, NOVEMBER 24: Nepal's trade deficit has surpassed Rs 460 billion in the first four months of the current fiscal year. According to data released by the Customs Department, the country imported goods worth Rs 513.38 billion, while exports were limited to Rs 52.67 billion.

The department stated that out of the total foreign trade volume of Rs 566.5 billion, Nepal registered a trade deficit of Rs 460.71 billion during the review period.

The data also revealed a slight increase in trade activity in Shrawan (mid-July to mid-August), Bhadra(mid-August to mid-September), Ashwin (mid-September to mid-October) and Kartik (mid-October to mid-November)  in the current fiscal compared to the same period last fiscal year. Imports rose by 0.17%, while exports grew by 4.16%.

Nepal's trade deficit with India, its largest trading partner, accounted for over Rs 281 billion during the review period. The trade deficit with other countries amounted to more than Rs 103 billion during the review period.

Among major imports, Nepal spent Rs 29.4 billion on diesel, Rs 21.56 billion on petrol, and Rs 18.85 billion on liquefied petroleum (LP) gas. Iron-related goods and smartphones were also among the top imported items.

On the export side, carpets emerged as the leading export product, with a value of Rs 3.6 billion. This was followed by soybean oil at Rs 3.41 billion, tea at Rs 2.21 billion, and cardamom at Rs 1.9 billion.