In a dismaying revelation made by Nepal\u2019s Department of Customs (DoC), it was noted that Nepal\u2019s trade deficit increased to a record high of more than Rs. 1 trillion in the first 11 months of FY 2017-18 owing to the rising import expenses and decreased export earnings.<\/p>\n
As per the department\u2019s records, the country displayed a decline in trade balance worth Rs 103 trillion during the review period. When compared, the import figures stood at Rs 10 trillion and the export figures at Rs 74.32 billion.<\/p>\n
Over the passage of time, the imports shot up by 23.82 percent in comparison with a 10.46 percent jump in experts.<\/p>\n
During the period of mid-July 2017 and mid-June 2018, the country\u2019s \u2018export-import ratio\u2019 was 1:14.9 indicating an import spend of Rs 14.9 against an export earning of every Rs 1.<\/p>\n
Explaining the situation, former Commerce Secretary Purushottam Ojha says factors like supply constraints and underlying non-tariff barriers with trading partner countries like India have been responsible for Nepal\u2019s poor exports.<\/p>\n
It is important to note that India is Nepal\u2019s only biggest trading partner with the total trade of 65 percent.<\/p>\n
Ojha feels that Nepal experiences challenges over exporting products<\/a> such as vegetables, aromatic plants and herbs to India.<\/p>\n \u201cAlthough the Nepal-India Trade Treaty revised in 2009 talks about improving cooperation for trade, it has not happened in practice,\u201d says Ojha.<\/p>\n Some Trends in the Nepal\u2019s Trade Business during FY 2017-18:<\/strong><\/p>\n DoC records depict increasing dissatisfactory trade with countries like Indonesia, Vietnam, China and Thailand.<\/p>\n","protected":false},"excerpt":{"rendered":" In a dismaying revelation made by Nepal\u2019s Department of Customs (DoC), it was noted that Nepal\u2019s…<\/span><\/p>\n\n