June 23: Nepal’s current trade deficit has reached  Rs 1337.39 billion  in 11 months of the current fiscal year of 2022/23.

According to the latest data released by the Department of Customs, Nepal’s imports stood at nearly Rs 1481 billion, while exports amounted to Rs 143.58 billion till the end of the eleventh month of the current fiscal year. This represents a decrease in foreign trade volume compared to the previous fiscal year.

During the review period of the current fiscal year, imports have decreased by 16.01 percent, and exports have declined by 22.74 percent. Consequently, the country's trade deficit has also decreased by 15.21 percent.

Imports accounted for 91.16 percent of Nepal's foreign trade, while exports constituted 8.84 percent during the first 11 months of the fiscal year.

Nepal's trade deficit with India, its largest trading partner, stands at Rs 838.85 billion, highlighting the significant gap. Similarly, Nepal exported goods worth Rs 1.52 billion, whereas imports from China amounted to goods worth Rs 202.37 billion.

 Other countries contributing to Nepal's trade deficit include Indonesia, UAE, and Argentina. On the positive side, Nepal enjoys a trade surplus with countries like Denmark, Norway, Algeria, Niger, Cambodia, and Uruguay, among others.

The key imports for Nepal encompass diesel, petrol, LP gas, raw soybean, coal, and crude palm oil. In terms of exports, the Department identified carpet, palm oil, soybean oil, and cardamom as the top goods shipped out of Nepal.