July 10: Nepal’s trade deficit decreased 15.2 percent to Rs 1337.39 billion during the eleven months of fiscal year 2022/23, according to the latest report of Nepal Rastra Bank (NRB). Such a deficit had increased 25 percent in the corresponding period of the previous year, states the Current Macroeconomic and Financial Situation Report published by NRB on Monday.

The export-import ratio decreased to 9.7 percent in the review period from 10.5 percent in the corresponding period of the previous year.

During the eleven months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted Rs 138.47 billion. Such amount was Rs 200.88 billion in the same period of the previous year.

During the eleven months of FY 2022/23, the overall merchandise exports decreased 22.7 percent to Rs 143.59 billion against an increase of 53.3 percent in the same period of the previous year.

Destination-wise, exports to India decreased 32.2 percent whereas exports to China and other countries increased 106.7 percent and 9.9 percent respectively.

Exports of zinc sheet, particle board, cardamom, woolen carpets, readymade garments, among others, increased whereas exports of soybean oil, palm oil, oil cakes, textiles, silverware and jewelries, among others, decreased in the review period.

During the eleven months of FY 2022/23, merchandise imports decreased by 16 percent to Rs 1480.98 billion against an increase of 27.5 percent a year ago.

Destination-wise, imports from India, China and other countries decreased 14.8 percent, 17.1 percent and 18.5 percent respectively.

Imports of chemical fertilizer, sponge iron, gold, paper, other stationeries, among others, increased whereas imports of transport equipment and parts, MS billet, medicine, crude soybean oil, other machinery and parts, among others, decreased in the review period.