Nepal suffers trade deficit of Rs 825 billion in seven months

KATHMANDU: Nepal suffered a trade deficit of Rs 825 billion in the first seven months of the current fiscal year.

According to data released by the Department of Customs, Nepal exported goods worth Rs 93.43 billion – a decline of 29.03% compared to total export revenue of Rs 131.65 billion in the same period of the previous fiscal year. Similarly, total imports fell by 19.9% to Rs 919.16 billion compared to Rs 1,147 billion in the same period of the previous fiscal year.

Foreign trade shrunk by 20.84% to Rs 1,012.59 billion in the review period compared to Rs 1,279.12 billion in the first seven months of the previous fiscal year.

Nepal enjoyed a trade surplus with only 33 countries in the review period. The highest trade surplus was with Denmark, while the lowest surplus, of just Rs 9,000, was with Bosnia and Herzegovina.

Nepal suffered the highest trade deficit with India which is also its largest trading partner. While Nepal imported goods worth Rs 570.96 billion from India in the first seven months, it could export goods worth only Rs 66.22 billion, resulting in a trade deficit of Rs 504.74 billion.

Top Imports Market
1. India
2. China
3. Indonesia
4. UAE
5. Argentina
6. Malaysia
7. United States
8. Ukraine
9. Australia
10. Qatar

Top Exports Market
1. India
2. United States
3. Germany
4. United Kingdom
5. Canada
6. Turkey
7. France
8. Australia
9. Japan
10. Italy