Nepal’s Trade Deficit reached Rs 929 billion

Nepal's Trade Deficit reached Rs 929 billion

Kathmandu- The nation’s trade deficit for the initial eight months of the current fiscal year has reached Rs 929.61 billion, marking a 2.5 percent decrease compared to the same period in the previous fiscal year, as reported by the Nepal Rastra Bank.

During this period, the export-import ratio has fallen to 9.8 percent. Merchandise imports totaled Rs 1030.22 billion, according to the Current Macroeconomic and Financial Situation report released by the Nepal Rastra Bank on Thursday.

Imports from India and other countries have decreased by 2.8 percent and 22.9 percent, respectively, while imports from China have increased by 33.7 percent.

Imports through various customs offices including Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa, and Tatopani have shown an upward trend. Import payments from India in convertible foreign currency amounted to Rs 98.29 billion compared to Rs 85.12 billion in the corresponding period of the previous year.

The Nepal Rastra Bank has highlighted that imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, and textiles, among others, have increased, whereas imports of crude soybean oil, gold, petroleum products, crude palm oil, paddy, among others, have decreased.

On the export front, there have been increases from Bhairahawa, Dry Port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa, and Tatopani, while exports from other major customs points have witnessed declines during this period, according to the NRB.

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