KATHMANDU:  The country  has imported goods and supplies worth Rs 1 trillion and exported worth Rs. 118 billion denoting the rise of both imports and exports in the first six months of the current fiscal year.

In the first six months of financial year 2021/22, Nepal imported goods and services worth Rs. 999.34 billion and exported only Rs. 118.85 billion.

According to the Customs Department, imports increased by 59.13 percent and exports by 955.48 percent in the first six months of the current fiscal year.

In the corresponding period of the previous fiscal year, Nepal had exported Rs. 60.79 billion while import was Rs. 661.24 billion. Despite the increase in exports, the trade deficit has been increasing due to the increase in imports.

Trade deficit is rising

In the first six months of the current Fiscal Year, the trade deficit has increased by 46.64 percent and reached Rs. 880.49 billion. The trade deficit was Rs. 644.61 million in the corresponding period of the previous year.

Similarly, in the first six months of the current Fiscal Year, the foreign trade of the country stood at Rs. 1,118.19 billion. In the corresponding period of the previous year, the foreign trade of the country was Rs. 722.45 billion. This is an increase of 54.86 percent over the same period last year.

Imports from 141 countries

In the first six months of the current fiscal year, Nepal has imported foreign goods worth Rs. 999.34 billion from 141 countries. According to the statistics of the customs department, most of the imports during that period were from India. Imports from India amounted to Rs. 603.54 billion in this period. After India, China is the largest contributor to Nepal’s import. In the first six months of the current fiscal year, goods worth Rs 1.45 billion were imported from China.

Similarly, Nepal exported goods worth Rs 96.56 billion to India and Rs 456.24 million to China in the first six months of the current fiscal year, according to the Customs Department.