June 13, 2024, Thursday
Nepal 1:37:26 pm

Nepal imports goods worth Rs. 1,300 billion while it exports stand to only Rs. 126 billion

The Nepal Weekly
May 21, 2024

As of the end of the month of Basaikh (mid-May) of the current financial year, the Nepal has suffered a trade deficit worth Rs 1,177 billion. Goods worth Rs. 1,303 billion were imported while the export was limited to just Rs 126 billion, according to the Department of Customs.     

In the first ten months of the current year, the country witnessed foreign trade transactions worth Rs.1429 billion, which is a decline of 2.50 per cent compared to the corresponding period of the previous fiscal year. Furthermore, imports have decreased by 2.39 per cent while exports declined by 3.61 per cent during the review period.     

During the review period, Nepal suffered a trade loss of Rs. 729 billion with India. Goods worth Rs. 815 billion were imported into Nepal from India while the export to India from Nepal was a mere Rs. 86 billion. Similarly, the second-highest foreign trade deficit was recorded with neighbouring China, equal to 238 billion rupees. In 10 months, China exported goods worth Rs 240 billion to Nepal while it imported goods worth only Rs 22.74 billion from Nepal.     

As of mid-May, the largest import was of petroleum products, including petrol worth Rs.115.67, diesel worth Rs.56.80 billion and cooking gas worth Rs.46 billion. In addition, Nepal imported mobile phones worth Rs. 24 billion during the same period.     

Nepal’s highest export was of carpet, worth Rs 8.79 billion followed by cardamom (Rs 6.91 billion), iron (Rs 5.52 billion) and palm oil (Rs 5.60 billion).