June 23, 2023- The country’s trade deficit stood at a staggering Rs 1.337 trillion in the first 11 months of fiscal year 2022-23, that is, between mid-July and mid-June.
According to Nepal Trade Statistics unveiled by the Department of Customs (DoC) today, the country’s total trade gap, however, narrowed by 15.21 per cent compared to Rs 1.577 trillion in the corresponding period of previous fiscal year 2022-23.
Likewise, as per the department, the imports fell by 16.01 per cent to Rs 1.480 trillion in the review period compared to Rs 1.763 trillion in the corresponding period of fiscal 2022-23.
Petroleum products were the top import commodity, followed by crude soyabean oil and crude palm oil.
But at the same time, Nepal’s exports saw a bigger drop in the review period, as per DoC.
The country’s exports plunged by 22.74 per cent to Rs 143 billion in the review period against Rs 185 billion in the same period of previous fiscal. The top export commodities were refined soyabean oil, refined palm oil and woollen carpets.
The imports-to-exports ratio in the review period stood at 10.31. This means Nepal imported $10.31 worth of goods for every dollar’s worth of goods exported.
It was deterioration from the ratio of 9.49 recorded in the corresponding period of previous fiscal.
Nepal continues to have the highest trade deficit with its neighbours – India and China.
Nepal exported goods worth Rs 98.97 billion to India, while importing merchandise worth Rs 937.83 billion from the southern neighbour, resulting in a deficit of Rs 838.85 billion.
Similarly, exports to China amounted to Rs 1.52 billion, while imports from the northern neighbour was Rs 202.37 billion.
(Source: The Himalayan Times)
