KATHMANDU, SEPTEMBER 24
Nepal's trade deficit stood at Rs 233.30 billion in the first two months of fiscal year 2023-24, that is, between mid-July and mid-September.
According to Nepal Trade Statistics unveiled by the Department of Customs (DoC) today, the country's total trade gap, however, narrowed by 4.74 per cent compared to Rs 244.91 billion in the corresponding period of previous fiscal year 2022-23.
Likewise, as per the department, the imports fell by 5.06 per cent to Rs 259.74 billion in the review period compared to Rs 273.59 billion in the corresponding period of fiscal 2022-23.
Petroleum products were the top import commodity, followed by steel, gold and smartphones.
But at the same time, Nepal's exports saw a bigger drop in the review period, as per DoC. The country's exports plunged by7.79 per cent to Rs 26.447 billion in the review period against Rs 28.680 billion in the same period of previous fiscal.
The top export commodities were woollen carpets and cardamom.
The imports-to-exports ratio in the review period stood at 9.82. This means Nepal imported $9.82 worth of goods for every dollar's worth of goods exported.
It was deterioration from the ratio of 9.54 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 16.735 billion to India, while importing merchandise worth Rs 160.757 billion from the southern neighbour, resulting in a deficit of Rs 144.022 billion.
Similarly, exports to China amounted to Rs 543.374 million, while imports from the northern neighbour was Rs 46.543 billion.
A version of this article appears in the print on September 24, 2023, of The Himalayan Times
