Nepal’s trade deficit has crossed Rs. 1,000 billion.
According to the trade statistics of the Department of Customs, the country’s trade deficit has increased by 12.49 per cent to Rs. 1,016.62 billion during the first nine months of the current fiscal year.
High growth in import has led to the widening trade deficit. The trade deficit had reached Rs. 903.71 billion in the corresponding period the previous year.
Nepal has had foreign trade with more than 152 countries during this period, with the biggest share of trade and deficit with India.
According to statistics, the country imported goods worth Rs. 724.94 billion from India in the last nine months.
Exports during the review period stood at Rs. 68.43 billion. Nepal’s trade deficit with India has reached Rs. 656.51 billion.
During the review period, goods worth Rs. 164.13 billion were imported from China while export amounted to only Rs. 796 million.
Nepal’s trade deficit with China is now Rs. 163.33 billion.
As imports and exports have increased during the period compared to the same period last year, the overall foreign trade and trade deficit also increased significantly, the report said.
The total foreign trade volume has increased by 13.64 per cent to Rs. 1,206.16 billion in the first nine months of the current fiscal year.
According to the statistics, import of goods has increased significantly. Goods worth Rs. 1,111.39 billion have been imported till mid-April this fiscal year.
This is higher by13.12 per cent than the same period last year.
During the same period last year, Nepal imported goods worth Rs. 982.53 billion in nine months. Nepal imported goods worth Rs. 168 billion from mid-March to mid-April. This is the highest volume f import in a single month of the current fiscal year.
Meanwhile, Nepal’s export trade has increased by 20.23 per cent to Rs. 94.76 billion during the review period.
With the increase in exports, its contribution to total trade also rose from 7.62 per cent to 8.42 per cent during the review period.
The share of imports in foreign trade is 92.14 per cent and the share of exports is only 7.86 per cent.
Source : THE RISING NEPAL,
