KATHMANDU, AUGUST 23
The country's trade deficit stood at Rs 115.71 billion in the first month of fiscal year 2023-24, that is, between mid-July and mid-August.
According to Nepal Trade Statistics unveiled by Department of Customs (DoC) today, the country's total trade gap had narrowed by 2.28 per cent compared to Rs 142.76 billion in the same period of previous fiscal.
As per the department, the imports fell by 1.56 per cent to Rs 129.23 billion in the review period compared to Rs 131.28 billion 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. Nepal's exports plunged by 8.65 per cent to Rs 13.52 billion in the review period against Rs 14.80 billion in the same period of previous fiscal. The top export commodities were cardamom and woollen carpets.
The imports-to-exports ratio in the review period stood at 9.55. This means Nepal imported $9.55 worth of goods for every dollar's worth of goods exported. It was deterioration from the ratio of 8.86 recorded in the corresponding period of previous fiscal.
Nepal continues to have the highest trade deficit with its giant neighbours - India and China.
Nepal exported goods worth Rs 8.48 billion to India, while importing merchandise worth Rs 81.24 billion from the southern neighbour, resulting in a deficit of Rs 72.76 billion.
Similarly, exports to China amounted to Rs 392.35 million, while imports from the northern neighbour totalled Rs 21.94 billion.
A version of this article appears in the print on August 24, 2023, of The Himalayan Times.
