Nepal’s trade deficit crosses Rs 825bn in 6 months: DoC

KATHMANDU: Nepal's total trade deficit has crossed Rs 825.73 billion in the half-yearly review period of the current fiscal year 2022/23, according to statistics published by the Department of Customs on Wednesday. The data shows that Nepal's foreign trade was worth more than Rs 1,012.59 billion until February 12.  Of this volume of foreign trade, the country imported goods and services worth more than Rs 919.16 billion and exported goods and services worth more than Rs 93.43 billion.  During this period, Nepal's imports comprised 90.77% of the total foreign trade while the export comprised 9.23%. The country raised customs revenue amounting to more than Rs 212.12 billion from foreign trade as of February 12.  Nepal's total foreign trade decreased 20.84% in the six months of the current FY as compared to the foreign trade during the corresponding half-yearly review period of the last fiscal year 2021/22. Similarly, the import dropped 19.90% and the export 29% compared to the previous fiscal year.  India is Nepal's largest trading partner. Nepal imported goods worth more than Rs 570.96 billion until February 12 of the current FY starting July 17, 2022, while goods worth more than Rs 66.22 billion were exported to India during this period.  Similarly, Nepal's imports from China amounted to more than Rs 125.05 billion while the exports to China amounted to Rs 422.6 million only during the first six months of the current FY. Likewise, Indonesia was the third largest trade partner of Nepal during this period. The import from Indonesia amounted to more than Rs 57.90 billion while exports to Indonesia amounted to only Rs 103.6 million during this period.  Likewise, goods worth more than Rs 20.26 billion were imported from the United Arab Emirates (UAE) while goods worth more than Rs 258.9 million were exported to the UAE during the review period.  Goods worth more than Rs 18.56 billion were imported from Argentina and goods worth Rs 1.02 million were exported to the South American country. Nepal imported the highest amount of petroleum products until February 12 of the current fiscal year.  According to the Department, the country imported diesel worth more than Rs 84.61 billion, petrol worth more than Rs 38.73 billion and liquefied petroleum gas (LPG) worth Rs 33.34 billion in the last six months. The country imported crude soyabean oil worth more than Rs 26.42 billion during the same period. Previously, Nepal Rastra Bank's data released on February 7 showed that imports decreased 20.7%, exports decreased 32% and trade deficit decreased 19.2%. READ ALSO:

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