KATHMANDU, MAY 21
The country's trade deficit stood at a staggering Rs 1.2 trillion in the first 10 months of fiscal year 2022-23.
According to Nepal Trade Statistics unveiled by the Department of Customs (DoC) today, the country's total trade gap however narrowed by 15.85 per cent compared to trade deficit of Rs 1.4 trillion recorded in the corresponding period of previous fiscal year 2021-22.
Likewise, as per the department, the imports fell by 16.78 per cent to Rs 1.33 trillion in the review period compared to Rs 1.64 trillion in the corresponding period of fiscal year 2021-22.
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 year-on-year in the review period, as per the DoC report.
The country's exports plunged by 24.49 per cent to Rs 130 billion in the review period against Rs 173 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 10.20. This means Nepal imported $10.20 worth of goods for every dollar's worth of goods exported. It was deterioration from the ratio of 9.26 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 91.14 billion to India, while importing merchandise worth Rs 844.53 billion from the southern neighbour, resulting in a deficit of Rs 753.38 billion.
Similarly, exports to China amounted to Rs 1.35 billion, while imports from the northern neighbour was Rs 179.21 billion.
A version of this article appears in the print on May 22, 2023, of The Himalayan Times.
