Nepal's foreign trade, long characterized by a negative trend, has recently shown signs of recovery. According to data released by the Department of Customs, the country’s imports rose by 3%, while exports increased by 16.5% during the first five months (mid-July to mid-December) of the current fiscal year.
Exports during this period amounted to Rs 73.20 billion, up from Rs 63.54 billion in the same period last fiscal year.
Despite this positive development in exports, Nepal incurred a trade deficit of Rs 587 billion during the first five months of the current fiscal year, due to the massive imports by the country.
Such a deficit was Rs 579 billion in the corresponding period of last fiscal year. According to the department, Nepal’s trade deficit increased by 4.21% this year compared to last year.
During the review period this year, Nepal imported goods worth Rs 661.48 billion against imports of goods worth Rs 642.2 billion in the corresponding period of last FY.
Petroleum products remained Nepal's largest import as the country imported fossil fuel worth Rs 42.17 billion during this period.
Source: Department of Customs
you need to login before leave a comment
Write a Comment
Comments
No comments yet.