January 22: The country suffered a trade loss of almost seven hundred billion rupees in the first six months of the current fiscal year. According to the data published by the Department of Customs, Nepal’s trade deficit stood at Rs 693.19 billion as of mid-January.

According to the data of the department, the transaction amount of Nepal’s foreign trade was Rs 843.13 in 6 months of current fiscal years. It includes Rs 768.16 billion spent on imports and Rs 74.96 billion earned from exports.

According to the department, the country’s imports have declined by 3.09 percent and export by 7.23 percent in the first six months of the current FY compared to the corresponding period of last fiscal year.

Overall, foreign trade decreased by 3.47 percent, while the trade deficit decreased by 2.62 percent.

During the review period, Nepal incurred the maximum trade deficit of Rs 424.44 billion with India alone. In the first six months of current FY, Nepal imported goods worth Rs 474.89 billion from India while its export earnings stood at Rs  50.44 billion. After India, Nepal incurred high trade deficit with four countries including China, the United Arab Emirates, Ukraine and Malaysia.

By mid-January, Nepal had a trade deficit of Rs 145.79 billion China, Rs 12.26 billion with the United Arab Emirates, Rs 9.96 billion with Ukraine and Rs 8. 6 billion with Malaysia.

Nepal recorded the highest trade surplus with the United States of America.

In the six months of the current fiscal year, Nepal imported goods and services worth Rs 7.63 billion from the USA while  its export earnings stood at Rs 8.33 billion. In other words, Nepal had a trade surplus of Rs 736 million with the USA.

During the review period, Nepal mostly imported petroleum products. The country imported diesel worth Rs 66.49 billion by mid-January, followed by imports of petrol worth Rs 33.91 billion and LPG worth Rs 25.45 billion, according to the Department of Customs.