Nepal’s Trade Deficit Increases Despite Improvement in Export

Out of Rs 543 billion foreign trade, Nepal exports goods and services worth Rs 65 billion

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Nepal’s Trade Deficit Increases Despite Improvement in Export

October 26: In the first three months of the current Fiscal Year 2078/79, Nepal's foreign trade totaled to Rs. 545.57 billion. Nepal has imported goods worth Rs 478.52 billion in the last three months.

According to data released by the Department of Customs on Monday, foreign trade has increased in the first three months of the current fiscal year as compared to that of last year. Total foreign trade has increased by 68.13 percent. During the corresponding period of last year, the total trade of Nepal was worth Rs 323.31 billion.

Data show an increase in exports this fiscal year. Goods and services worth Rs 65.05 billion have been exported from Nepal. Nepal exported goods worth Rs 31.04 billion in the corresponding period of the previous year. Exports have increased by 109.54 percent compared to that of last fiscal year 2077/78.

Trade deficit shows an increase of 58 percent in the review period. According to the department, the trade deficit in the first quarter of the current fiscal stood at Rs. Rs. 413 billion. In the corresponding period of the previous year, the deficit was just Rs 261 billion.

In the first three months of the current fiscal year, soybean oil worth Rs 22.02 billion has been exported. Similarly, palm oil worth Rs 4.85 billion has also been exported from the country.

In the first quarter of the current fiscal, carpets and textiles worth Rs 2.45 billion have been exported. Nepal has imported more petroleum products, steel and machinery parts during this period. As of September this year, Nepal has imported petrol worth Rs 12.86 billion and diesel worth Rs 23.32 billion. Nepal has also imported food items worth Rs 17 billion.

In the first month of the current fiscal year, Nepal's total foreign trade was Rs 171 billion. During the same period Nepal imported goods worth Rs 20.76 billion and spent Rs 150 billion on exports.

From mid-August to mid-September alone, the total foreign trade was Rs 358 billion. Compared to last year, Nepal's export status has improved in the current fiscal year. 

 

 

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