Kathmandu, Feb 22: The country recorded the loss of Rs 861.38 billion in the foreign trade of total Rs 1,115.79 billion done in the last seven months of the current fiscal year.
The data was released by the Department of Customs that included the import and export details till the end of Magh month of this fiscal year. During this period, Nepal’s import amounted to Rs 988.58 billion, while export amounted to Rs 127.20 billion.
The Department further shared that the export was increased by 46.50 percent as compared to the transaction done in the same period last year, while the import increased by 10.09 percent. The total foreign trade was upped by 13.30 percent.
Still, the trade loss is increased by 6.20 percent as compared to the same period last year. The total foreign trade comprises 88.60 percent in import and 11.40 percent in export.
The Department’s record showed Nepal bore the trade deficit of Rs 498.34 billion with the largest trade partner, India, alone in the review period.
In the last seven months, Nepal imported the goods of Rs 596.35 billion, while exported the goods of Rs 98.75 billion. Nepali is incurring the trade loss with the northern neighbour as well. The trade deficit of Rs 19.44 was faced by Nepal with China in the last seven months. The goods amounting to Rs 192.45 billion were brought into Nepal from China, while only Rs 2 billion was recorded in export.
Some other countries Nepal has been facing loss in trade are Argentina, UAE, and Australia. However, there are 35 countries facing trade loss with Nepal. Nepal is in a positive side of trade with Afghanistan. Nepal’s import from Afghanistan stood at Rs 12.4 million, while Nepal was able to post the export of Rs 494.5 million. Denmark, Russia, Austria, Norway and Maldives are some countries facing trade loss with Nepal.
The Department mentioned that a huge chunk of money is spent in buying petroleum products. The soybean oil tops the export from Nepal. #nepal #trade
