Trade deficit reaches Rs 811 Bn in 7 months
In the first seven months of the current fiscal year, Nepal has witnessed a significant rise in its trade deficit, reaching a staggering Rs 811.11 billion. This revelation comes amidst foreign trade activities totaling Rs 984.77 billion, as reported by the Department of Customs.
During this period, imports amounted to approximately Rs 897.94 billion, while exports stood at Rs 86.83 billion by mid-February, marking the end of the Nepali month of Magh.
Comparing these figures with the corresponding period of the previous fiscal year, imports have seen a slight decline of 2.31 percent, while exports have experienced a more notable decrease of 7.07 percent. Despite this, there's a marginal improvement in the trade deficit, down by 1.77 percent, even as overall trade contracted by 2.75 percent compared to the previous year.
India continues to be Nepal's primary trading partner, with imports from India reaching Rs 554.75 billion, significantly outweighing exports, which stood at only Rs 58.72 billion. Consequently, Nepal's trade deficit with India alone amounts to Rs 496.36 billion for the seven-month period.
China follows as the second largest trading partner, with Nepal facing a trade deficit of Rs 171.23 billion. Meanwhile, imports from China amounted to Rs 173.91 billion, whereas exports were merely Rs 1.85 billion.
The United Arab Emirates ranks third in terms of trade deficit for Nepal, with imports worth Rs 15.69 billion and exports at Rs 1.58 billion, resulting in a deficit of Rs 14.11 billion.
However, Nepal enjoys a trade surplus with the United States, with imports totaling Rs 9.17 billion and exports at Rs 9.54 billion during this period, leading to a surplus of Rs 364.7 million.
Nepal's trade deficit extends to various other countries such as Denmark, Norway, Afghanistan, and the Maldives.
The data also reveals the major imports during this period, with petroleum products leading the list. Diesel imports amounted to Rs 77.41 billion, followed by petrol at Rs 38.82 billion, and LP Gas at Rs 30.31 billion. Additionally, iron-related materials worth Rs 22.66 billion and smartphones worth Rs 17.38 billion were imported.
Suggested News
Please leave your comments or ask your queries here. The comments shall be published only after the Admin approval.