As of the end of the month of Basaikh (mid-May) of the current financial year, the country has suffered trade deficit worth Rs 1177 billion.
Goods worth Rs. 1303 billion was imported while the export was limited to just Rs 126 billion, according to the Department of Customs. In the first 10 months of the current year, the country saw foreign trade transaction worth Rs.1429 billion, which is a decline by 2.50 per cent in compared to the corresponding period of the previous financial year.
Furthermore, imports have decreased by 2.39 percent and exports by 3.61 percent during the same period. During the review period, Nepal suffered a trade loss of Rs. 729 billion with India.
Goods worth 815 billion rupees were imported into Nepal from India while the export to India from Nepal was a mere 86 billion rupees. Likewise, the second highest foreign trade deficit was recorded with neighboring China, equal to 238 billion rupees. In 10 months, China exported goods worth Rs 240 billion to Nepal while it imported goods worth only Rs 22.74 billion from Nepal.
As of mid-May, the largest import was of petroleum products, including petrol worth Rs.115.67, diesel worth Rs.56.80 billion and cooking gas worth Rs.46 billion. In addition, Nepal imported mobile phones worth Rs. 24 billion during the same period. Nepal’s highest export was of carpet, worth Rs 8.79 billion followed by cardamom worth Rs 6.91 billion, iron worth Rs 5.52 billion and palm oil worth Rs 5.60 billion.
