KATHMANDU: The nation’s trade deficit has amounted to Rs 929.61 billion during the initial eight months of the ongoing fiscal year.

According to the Nepal Rastra Bank, this represents a 2.5 percent reduction compared to the corresponding period of the previous fiscal year.

The export-import ratio has decreased to 9.8 percent during this review period.

During this time frame, merchandise imports reached Rs 1030.22 billion, as per 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 surged by 33.7 percent.

Among the import destinations, there have been increases in imports through Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa, and Tatopani Customs Offices.

Moreover, imports from India, paid in convertible foreign currency, amounted to Rs 98.29 billion, compared to Rs 85.12 billion in the same period of the previous year.

The Nepal Rastra Bank noted, “Imports of readymade garments, transport equipment, vehicle and other vehicle spare parts, aircraft spare parts, electrical equipment, 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.