KATHMANDU, OCTOBER 29
The country's trade deficit stood at Rs 366.88 billion in the first three months of fiscal year 2023- 24, that is, between mid-July and mid-October.
According to Nepal Trade Statistics unveiled by the Department of Customs (DoC) today, the country's total trade gap widened by 2.15 per cent compared to Rs 359.18 billion in the corresponding period of previous fiscal year 2022-23.
Likewise, as per the department, the imports which had been falling over the past several months, rose by 1.69 per cent to Rs 407.76 billion in the review period compared to nearly Rs 401 billion recorded 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 drop in the review period, as per DoC. The country's exports plunged by 2.26 per cent to Rs 40.87 billion in the review period against Rs 41.82 billion in the same period of previous fiscal.
The top export commodities were woollen carpets, steel products and cardamom.
The imports-to-exports ratio in the review period stood at 9.98. This means Nepal imported $9.98 worth of goods for every dollar's worth of goods exported. It was deterioration from the ratio of 9.59 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 26.25 billion to India, while importing merchandise worth Rs 250.61 billion from the southern neighbour, resulting in a deficit of Rs 244.36 billion.
Similarly, exports to China amounted to Rs 732.36 million, while imports from the northern neighbour was Rs 79.82 billion.
A version of this article appears in the print on October 30, 2023, of The Himalayan Times.
