Friday 26th July 2024
The trade deficit of Nepal in the first four months widened massively by 56.83 percent compared to the same period of the previous fiscal year. This jarring development sours the significant rise in exports experienced in the same period.
The Department of Customs (DoC) reported that the negative trade balance increased from NPR 362.29 billion to NPR 568.17 billion between mid-July and mid-November.
However, during this period, the Himalayan nation offset some negativity by earning NPR 82.12 billion in exports. These earnings were double the amount of earnings that Nepal generated during the last year’s period.
Nepal’s total export trade increased up to 11.21 percent from 9.08 percent. However, the nation was unable to offset the import expenses with its export revenue.
The import expenses shot up to NPR 650.29 billion, which saddled the landlocked country with a trade deficit of NPR 319 billion with India, Nepal’s most significant trading ally.
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