Nepal’s trade deficit stood at Rs 1.337 trillion, a decline of 15.21 percent, in the first 11 months of the current fiscal year, compared to the figure of Nepal’s trade deficit in the same period in the fiscal year 2022/23.
The records with the Department of Customs show that Nepal’s imports declined 16.01 percent to Rs 1.480 trillion during mid-July 2022 and mid-June 2023. On the other hand, the country underwent a 22.74 percent decline in its export earnings. Compared to the exports of Rs 185.83 billion in the review period last year, Nepal exported goods worth only Rs 143.58 billion this year.
In the first 11 months this year, there was a whopping surge in the import of petroleum products and agricultural products. Nepal spent Rs 321 billion on petroleum imports while the expense on agricultural imports was Rs 275.66 billion. A total of Rs 82.23 billion on edible oils and related products, Rs 52.65 billion on food grains, Rs 29.60 billion on vegetables, Rs 19 billion on fruits and Rs 4.77 billion on sugar were among the country’s main expenses abroad.
