July 9: The ballooning trade deficit with Bangladesh is likely to slow down with the ban on the import of juice and energy drinks by the government, according to experts.
The statistics show that Nepal has been importing huge amount of juice and energy drinks from Bangladesh in the recent times. In the last fiscal year, Nepal imported juice and energy drinks worth Rs 1.68 billion from the neighbouring country. Meanwhile, the same fiscal year, Nepal had imported other goods worth only Rs 1.09 billion from the same country.
Records show that the value of imported juices and energy drinks from Bangladesh is more than the total value of goods exported to Bangladesh. Nepal is facing trade deficit with Bangladesh since the last four years.
In the last fiscal year, the total trade deficit with Bangladesh stood at Rs 3.28 billion. The Ministry of Industry, Commerce and Supplies has recently formed a ‘National trade deficit’ work procedure aiming at reducing the ballooning trade deficit with the foreign countries.