KATHMANDU: Nepal’s trade deficit stood at a massive Rs 1314.44 billion in mid-June of the current fiscal year despite a decline of 1.7 percent compared to the same period of last fiscal year. According to the Nepal Rastra Bank (NRB), such deficit had decreased 15.2 percent in the corresponding period of the previous year.

The Current Macroeconomic and Financial Situation Report based on eleven month’s data unveiled by the NRB on Wednesday mentions that the export-import ratio decreased to 9.6 percent in the review period from 9.7 percent in the corresponding period of the previous year.

During the review period, merchandise exports decreased 3.0 percent to Rs 139.26 billion compared to a decrease of 22.7 percent in the same period of the previous year.

Destination-wise, exports to India decreased 4.5 percent while that to China increased 57.7 percent. Similarly, export to other countries decreased 1.7 percent.

Exports of zinc sheet, particle board, juice, readymade garment, and oil cakes among others increased whereas exports of palm oil, soybean oil, woolen carpet, bran, tea among others decreased, the NRB report states.

In the review period, merchandise imports decreased 1.8 percent to Rs 1453.70 billion compared to a decrease of 16 percent a year ago.

Destination-wise, imports from India decreased 3.1 percent while that from China increased 34.8 percent. Similarly, import from other countries decreased 3.1 percent.

Imports of transport equipment, vehicle and spare parts, readymade garments, electrical equipment, aircraft spare parts, textiles among others increased whereas imports of crude soybean oil, gold, hot rolled sheet in coil, crude palm oil, rice/paddy among others decreased.

Based on customs points, exports from Bhairahawa, Birgunj, Jaleswor, Krishnanagar, Mechi, Rasuwa and Tatopani increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from Birgunj, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period.