Nepal’s trade deficit soars to Rs 929 billion – South Asia Time

Nepal’s trade deficit soars to Rs 929 billion

 April 6, 2024  

Kathmandu — Nepal has a total trade deficit of Rs 929.61 billion after the first eight months of the current fiscal year.

Stating that the trade deficit decreased 2.5 per cent compared to the same period of the last fiscal year, the Nepal Rastra Bank mentioned that the export-import ratio in the country decreased to 9.8 per cent in the review period.

In the review period, the country’s merchandise imports totaled Rs 1030.22 billion, according to the Current Macroeconomic and Financial Situation released by Nepal Rastra Bank on Thursday.

Destination-wise, imports from India and other countries decreased 2.8 percent and 22.9 per cent respectively while imports from China increased 33.7 per cent.

On the import side, imports from Bhairahawa Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani Customs Offices increased, it said.

Likewise, merchandise imports from India against payment in convertible foreign currency amounted to Rs 98.29 billion. Such an amount was Rs 85.12 billion in the same period of the previous year.

“Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, textiles among others increased whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, paddy among others decreased,” the NRB said.

Exports from Bhairahawa, Dry Port, Jaleswar, Kanchanpur, Krishnanagar, Mechi, Rasuwa and Tatopani increased whereas exports from all the other major customs points decreased during the period, according to the NRB.