Country witnesses trade deficit of Rs 723.58 billion in six months

Kathmandu: The country has witnessed a trade deficit of Rs 723.58 billion in the half-yearly review of the current fiscal year.

During the period, the country’s total foreign trade stood at Rs 921.16 billion, according to the Department of Customs. The Department of Customs stated that Nepal exported goods worth Rs 98.79 billion till the month of Paush against the import of Rs 22.37 billion during the review period.

Compared to the last fiscal year, the imports increased by 7 percent and the exports by 31.78 percent in the review period. Likewise, the trade deficit increased by 4.38 percent on a year-on-year basis.

India has the highest amount of trade deficit of Nepal as the imports remained at more than Rs 502.8 billion while the exports to India stood at Rs 73.71 billion in the first six months of the current fiscal year. Nepal’s trade deficit alone with India equals Rs 429.14 billion.

Similarly, Nepal’s trade deficit with China remained at Rs 158.62 billion and Rs 22.62 billion with Argentina during the half-year review period. As per the data from the Department, Nepal has a trade deficit with 23 countries and a trade surplus with 32 countries including Denmark, Austria, Russia, the Maldives and others.

RSS