Nepal suffers trade deficit of almost Rs 700 billion

KATHMANDU, JANUARY 22: In the first six months of the current fiscal,  the country has witnessed a trade deficit of Rs 693 billion 198 million 492 thousand. The figure is a 3.47 per cent decrease compared to last fiscal year. According to the Department of Customs, from the Nepali month of Shrawan ( July 17 to August 17) to Poush( Dec 17 to Jan 14) of 2023/24, the exports amounted to just Rs  74 billion 968 million 79 thousand while the imports stood at a staggering Rs 768 billion 166 million 571 thousand.

Compared to the corresponding period of 2022/23, the export amount is less by 7.23 per cent and the import amount by 3.9 per cent.

In the first six months of the current fiscal, Nepal suffered the highest trade deficit of Rs 424 billion 448 million 928 thousand with India followed by China, UAE, Ukraine and Malaysia at Rs 145 billion 790 million 115 thousand,  12 billion 260 million, 9 billion 960 million, 8 billion 600 million respectively.

Petroleum products were those items Nepal sent the most to import. It paid Rs 66 billion 500 million 100 thousand for diesel, Rs 33 billion 919 million 600 thousand for petrol and Rs 25 billion 450 million for cooking gas.

The US is on the top list with Nepal enjoying a trade surplus of Rs 703.6 million during the review period. The imports of the latter totalled Rs 636 million 366 thousand while its exports amounted to 8 billion 339 million 967 thousand.