During the first three months of the current fiscal year, Nepal’s trade deficit soared to more than Rs 366.88 billion. During the same period last year, the trade deficit was over Rs 359.17 billion. The trade deficit has inclined due to the increase in imports while the exports from Nepal have not increased in the same proportion.
According to the data released by the Department of Customs on Sunday, Nepal imported goods worth Rs 407.75 billion in the review period while the exports stood at just Rs 40.87 billion. According to the Department of Customs, the trade deficit this year has increased by 2.15 percent compared to the corresponding period of the previous fiscal year.
This year, the share of imported goods has increased by 1.69 percent compared to last year. On the other hand, Nepal's exports decreased by 2.26 percent during the review period, according to the data of the Department of Customs.
Nepal has the largest trade deficit with India. In the three months of the current fiscal year, Nepal's trade deficit with India stood at Rs 224.36 billion. Similarly, the trade deficit with China was Rs 79.8 billion, according to the department. Nepal has a trade deficit of Rs 5.55 billion with the UAE, Rs 4.73 billion with Ukraine and Rs 4.5 billion with Malaysia.