KATHMANDU: Nepal’s foreign trade deficit surged to Rs 649.68 billion in the first five months of the current fiscal year, according to data released by the Department of Customs.
During the review period from mid-July to mid-December, Nepal’s total foreign trade reached Rs 882.69 billion. Imports stood at Rs 766.18 billion, while exports amounted to Rs 116.50 billion.
Compared to the same period of the previous fiscal year, imports increased by 15.83 percent, while exports recorded a notable rise of 58.17 percent, the Department said.
Nepal recorded its largest trade deficit with India, amounting to Rs 339.02 billion over the five-month period. Imports from India totaled Rs 434.06 billion, whereas exports stood at Rs 95.04 billion.
Trade with China also remained heavily skewed. Imports from China reached Rs 163.73 billion, while exports to the northern neighbor were limited to just Rs 466.8 million.
Romania emerged as the leading country with which Nepal recorded a trade surplus, amounting to Rs 63.4 million. Nepal also posted trade surpluses with Sweden and Iraq during the same period.
Petroleum products accounted for the largest share of imports. Nepal imported diesel worth Rs 45.6 billion, petrol worth Rs 27.33 billion, and cooking gas valued at Rs 22.39 billion.
Other major imports included crude soybean oil worth Rs 46.97 billion, smartphones valued at Rs 19.13 billion, and iron and steel products amounting to Rs 21.84 billion. Soybean oil remained the single largest import item at Rs 46.55 billion.
In terms of exports, Nepal shipped large cardamom worth Rs 5.53 billion, carpets valued at Rs 4.13 billion, and sunflower oil amounting to Rs 3.73 billion during the review period.
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