Nepal’s trade deficit near Rs 1,100 billion

KATHMANDU: Nepal suffered a trade deficit of Rs 1,083.22 billion in the first nine months of the fiscal year 2022/23.

Data released by the Department of Customs on Wednesday shows such a deficit s 17% lower compared to the same period of the previous fiscal year when the country had logged trade deficit of Rs 1,319.78 million.

Nepal’s total foreign trade in the nine-month period was worth Rs 1,319.78 billion which is 18.89% lower compared to Rs 1627.23 billion in the first nine months of 2021/22.

A lion’s share of the total foreign trade, or Rs 1,201.50 billion, in the review period, constituted imports. Nepal’s exports during the period remained at a paltry Rs 118.27 billion. While imports during the period fell by 18.08%, exports came down by 26.34%.

As usual, India was Nepal’s largest trading partner during the period. Nepal importd goods worth Rs 753.75 billion from India, while it exported goods worth Rs 82.98 billion resulting in a trade deficit of Rs 670.76 billion.

Top 5 Import Market
India
China
Indonesia
UAE
Argentia

Top 5 Export Market
India
US
Germany
United Kingdom
Turkey

Top 5 Imports
Diesel
Petrol
LPG
Ferrous particles
Crude soybean Oil

Top 5 Exports
Refined palm oil
Soybean Oil
Cardamom
Palm oil
Carpet