Country Witnesses Trade Deficit of Rs 1337 Billion in past 11 Months

The country's trade deficit has reached Rs 1337.39 billion in the past 11 months of the current fiscal year 2080/81 BS.

As per the data released by the Department of Customs on Thursday, the country imported goods worth almost Rs 1481 billion while the exports of the country remained at Rs 143.58 billion till the last of month Jestha.

However, the volume of foreign trade in the country has decreased in the current fiscal year compared to the previous fiscal year.    

In the review period of the current fiscal year, the imports have decreased by 16.01 percent and exports by 22.74 percent. With the decrease in the volume of the total foreign trade, the country's trade deficit has also decreased by 15.21 percent in the current fiscal year, according to the Department.

Of the country's foreign trade, the proportion of imports is 91.16 percent while the imports remained 8.84 percent in the first 11 months of the current fiscal year.

Likewise, Nepal's trade deficit with India, the largest trading partner of the country, in the review period is Rs 838.85 billion.

Similarly, Nepal exported goods worth Rs 1.52 billion while the import from China remained goods worth Rs 202.37 billion.

The other countries in which Nepal has a huge trade deficit are Indonesia, UAE, and Argentina.

According to the Department, Nepal has a trade surplus with Denmark, Norway, Algeria, Niger, Cambodia, and Uruguay, among others.

The key imports of the country include diesel, petrol, LP gas, raw soybean, coal, and crude palm oil.

The Department stated that carpet, palm oil, soybean oil, and cardamom are the top goods that Nepal exports.