Nepal’s foreign trade grows, exports up by 31%

KATHMANDU: Nepal’s foreign trade has shown significant growth compared to the first six months of the previous fiscal year.

According to data released by the Department of Customs, the country’s foreign trade expanded during the first half of the current fiscal year, with a 7.06% increase in imports and a notable 31.78% rise in exports.

In the first six months of this fiscal year, Nepal exported goods worth Rs 98.78 billion, compared to Rs 74.96 billion during the same period last year. Similarly, the country imported goods worth Rs 822.37 billion, up from Rs 768.16 billion in the corresponding period of the previous fiscal year.

Despite the overall 9.25% increase in foreign trade, Nepal’s trade deficit also grew by 4.38% during the review period.

India remained Nepal’s largest trading partner, accounting for imports worth Rs 502.85 billion and exports worth Rs 73.71 billion, resulting in a trade deficit of over Rs 429.14 billion with India alone.

Nepal imported goods worth Rs 160.54 billion from China while exporting only Rs 1.92 billion in return.

Among the most imported goods during this period, diesel topped the list at Rs 54.36 billion, followed by petrol (Rs 32.14 billion), and liquefied petroleum gas (Rs 29.79 billion). Iron and steel ranked fourth at Rs 25.71 billion, and raw soybean oil ranked fifth at Rs 24.37 billion.