Country’s total trade deficit reaches around 1400 billion

Kathmandu: In the first eleven months of the current fiscal year 2024/25, the country’s total deficit has reached Rs 1397.23 billion with a 6.3 percent rise.

Such a deficit had decreased 1.7 percent in the corresponding period of the previous year.

According to the data published by the Nepal Rastra Bank (NRB) today, export-import ratio has increased to 15.1 percent in the review period from 9.6 percent last year.

During the review period, merchandise imports increased by 13.1 percent to reach Rs1644.80 billion against a decline of 1.8 percent a year ago. Distinctively, imports from India, China, and other countries increased by 7.6 percent, 15.3 percent, and 29.5 percent, respectively.

Imports of crude soyabean oil, rice/paddy, transport equipment, vehicle and spare parts, edible oil, and sponge iron among others increased whereas imports of petroleum products, gold, electrical equipment, chemical fertilizer, and coal among others decreased in the review period.

Based on customs points, exports from Bhairahawa, Biratnagar, Birgunj, Dry Port, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan Airport Customs offices increased whereas exports from all other major customs points decreased in the review period.

On the other side, imports from Jaleshwor and Tribhuwan Airport Customs offices decreased whereas imports from all other major customs points increased in the review period.

During the review period, merchandise imports from India against payment in convertible foreign currency amounted Rs.167.30 billion. Such amount was Rs.137.13 billion in the same period of the previous year, the central bank states.

Similarly, merchandise exports increased by 77.8 percent to reach Rs 247.57 billion against a decrease of 3.0 percent in the same period of the previous year.

Destination-wise, exports to India, China, and other countries increased 112.6 percent, 3.0 percent, and 4.4 percent respectively.

Exports of soyabean oil, polyster yarn and thread, jute goods, tea, and rosin among others increased whereas exports of palm oil, zinc sheet, juice, readymade garments, and cardamom among others decreased in the review period, the NRB said in its latest report on current macroeconomic and financial situation..-