February 22: Nepal's total trade deficit has crossed Rs 825.73 billion in the first six months of the current fiscal year. The half-yearly review of the current Fiscal Year (FY 2022/23) by the Department of Customs shows that Nepal's foreign trade was equivalent to total Rs 1012.59 billion as of February 12.
Of this volume of foreign trade, the country imported goods and services worth Rs 919.16 billion and exported goods and services worth only Rs 93.43 billion.
Out of the total foreign trade of Nepal during this period, 90.77 per cent accounted for imports while only 9.23 per cent comprised of exports.
The country raised customs revenue amounting to Rs 212.12 billion from foreign trade during the review period.
Nepal's total foreign trade decreased by 20.84 per cent in volume in the six months of the current fiscal year as compared to the foreign trade during the corresponding period of the last fiscal year (FY 2021/22).
Similarly, the country’s import figure has dropped by 19.90 per cent while exports dropped by 29 per cent compared to the last fiscal year.
India is Nepal's largest trading partner. Nepal imported goods worth Rs 570.96 billion from India until February 12 of the current fiscal year starting July 17, 2022. Nepal's export to India during this period was equivalent to Rs 66.22 billion.
Similarly, Nepal's imports from China amounted to Rs 125.52 billion and exports to Rs 422.6 million only during the six months' period.
Indonesia was the third largest trade partner of Nepal during this period. The import from Indonesia amounted to Rs 57.90 billion while exports amounted to only Rs 103.60 million during this period.
Nepal imported the highest amount of petroleum products until February 12 of the current fiscal year. According to the department, the country imported diesel worth Rs 84.61 billion, petrol worth Rs 38.73 billion and LPG worth Rs 33.34 billion in the last six months. The country imported crude soybean oil worth Rs 26.42 billion during the same period. -- RSS
