Nepal's trade deficit exceeds Rs 460bn in first 4 months

KATHMANDU: Country's trade deficit has surpassed Rs 460 billion in the first four months of the current fiscal year 2024/25.

According to the Department of Customs, the country imported goods worth Rs 513.38 billion, while exports were limited to just Rs 52.67 billion during the first four months of the fiscal year ending in mid-November.

Out of the total Rs 566.5 billion of foreign trade, the country had a trade deficit of Rs 460.71 billion over four months, the department reported.

As per the Department of Customs, imports increased by 0.17%, while exports rose by 4.16% compared to the same period in the last fiscal year.

Nepal's trade deficit with India, its largest trading partner, has surpassed Rs 281 billion, while the trade deficit with India alone was over Rs 103 billion during the four months.

During this period, Nepal imported diesel worth Rs 29.4 billion, petrol worth Rs 21.56 billion, and liquefied petroleum gas (LPG) worth Rs 18.85 billion.

Additionally, iron-related goods and smartphones were among the top imported items.

Meanwhile, Nepal's key exports in the four months included carpets worth Rs 3.6 billion, followed by soybean oil worth Rs 3.41 billion, tea worth Rs 2.21 billion, and cardamom worth Rs 1.9 billion.