October 17: The country’s trade deficit decreased by 4.7 percent to Rs 233.30 billion during the first two month of FY 2023/24, according to the latest report of Nepal Rastra Bank.

The Current Macroeconomic and Financial Situation Report of Nepal published by the central bank on Tuesday stated that such a deficit had decreased 9.4 percent in the corresponding period of the previous year.

The export-import ratio decreased to 10.2 percent in the review period from 10.5 percent in the corresponding period of the previous year.

During the two month of FY 2023/24, merchandise exports decreased 7.8 percent to Rs 26.45 billion compared to a decrease of 34.9 percent in the same period of the previous year.

Destination-wise, exports to India decreased 15.6 percent whereas exports to China and other countries increased 338.5 percent and 5.1 percent respectively.

Exports of zinc sheet, cardamom, particle board, polyester yarn and thread, juice, among others increased whereas exports of palm oil, soybean oil, jute goods, woolen carpet, medicine (Ayurvedic), among others decreased in the review period.

During the first two months of FY 2023/24, merchandise imports decreased 5.1 percent to Rs 259.75 billion compared to a decrease of 13.0 percent a year ago, added the NRB report.

Destination-wise, imports from India and other countries decreased 5.2 percent and 21.5 percent respectively while imports from China increased 25.4 percent. Imports of MS wire rod, bars, coils and others, readymade garments, electrical equipment, textiles, electrical goods, among others increased whereas the imports of petroleum products, crude soybean oil, crude palm oil, medicine, MS billet, among others decreased in the review period.