Nepal has trade surplus with only 30 countries

KATHMANDU: Nepal has enjoyed a trade surplus with only 30 countries among the total 171 countries it conducted trade with in the fiscal year 2021/22.

According to the data from the Department of Customs, Nepal has a trade surplus with Afghanistan, the Maldives, Algeria, Armenia, Azerbaijan, Belize, Cambodia, Central African Republic, and Congo. Likewise, also with Croatia, Fiji, Ghana, Grenada, Guinea, Jamaica, Kazakhistan, Malta, Mauritania, Morocco, Yemen and Zambia.

The volume of trade with these countries, however, is minimal. For example, Nepal’s total trade with Kazakhstan stood at only Rs 209,000, as per data.

Trade deficit continues to widen

Data compiled by the Customs Department showed that Nepal suffered a trade deficit of Rs 1,720.14 billion in 2021/22 — a growth of about 23% — compared to the data of 2020/21. During the fiscal year, Nepal imported goods and services worth Rs 1920.44 billion, while its export receipt was only around Rs 200.3 billion.

In fiscal year 2020/21, Nepal suffered a trade deficit of Rs 1398.13 billion.

Nepal suffered a trade deficit worth Rs 1,044.93 billion with India alone in 2021/22. While the country exported goods and services worth Rs 155.22 billion to India during period, it imported Rs 1,200.15 billion worth of goods from the southern neighbor.

Trade figures with China are also disappointing. While Nepal exported goods and services worth Rs 80.87 billion to China, it imported goods and services worth Rs 264.78 billion from its northern neighbor in the review period.