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Nepal’s import increases by 23.57 percent

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August 31: Nepal has imported goods worth Rs 86.7 billion in the first month of the current fiscal year 2017/18. The import has increased by 23.57 percent as compared to the corresponding period of last fiscal year, according to date provided by the Department of Customs. In fiscal year 2016/17, the country had imported goods worth Rs 70 billion in the first one month.

Export has decreased in the review period. Nepal’s export in the first month of the current fiscal year was Rs 6.70 billion. This is 3.5 percent less than the export during the corresponding period of last fiscal year. Nepal had exported goods worth Rs 7 billion in the last fiscal year.

In the review period, Nepal’s trade deficit has reached 80 billion with a 26.5 percent increase, as per the data provided by the Department of Customs.

Out of the total transaction of Rs 93 billion in the first month of this FY, Nepal faced a trade deficit mainly due to the import of petroleum products and iron rods.

Petroleum products worth Rs 9.91 billion and iron rods worth Rs 12 billion were imported during the review period.

Export of goods has been negligible as compared to the import. Nepal exported tea worth Rs 720 million and carpet worth Rs 600 million.

Experts have said that the increase in import and decrease in export has had negative impact on the economy of the country.

Export Council of Nepal’s President Surendra Kumar Shrestha said that foreign trade imbalance is rising due to internal problems like hurdles in export, energy crisis, political instability among other issues.  

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