KATHMANDU: Nepal’s foreign trade deficit surged by 34.71 percent during the first three months of the current fiscal year 2083/84, reaching Rs 532.49 billion, according to data released by the Department of Customs on Wednesday. The deficit stood at Rs 395.30 billion during the same period last fiscal year.
The country’s total foreign trade expanded by 40.71 percent to Rs 761.07 billion between mid-July and mid-October. Imports accounted for 84.98 percent of total trade, while exports contributed just 15.02 percent.
Imports rose by 38.18 percent to Rs 646.78 billion, while exports recorded a stronger growth of 57.03 percent, reaching Rs 114.28 billion. Despite the faster growth in exports, their overall share in the country’s foreign trade remained relatively small.
The import-to-export ratio improved from 6.43 to 5.66 during the review period, indicating a reduction in the gap between imports and exports.
Diesel topped the list of imported commodities, with imports valued at Rs 47.31 billion. Other major imports included soybean oil worth Rs 29.20 billion, petrol worth Rs 24.62 billion, cooking gas worth Rs 23.18 billion, and iron and steel products worth Rs 14.41 billion.
On the export front, soybean oil remained the leading commodity, with exports worth Rs 52.60 billion, primarily to India. Jute and jute-based products ranked next at Rs 29.67 billion, followed by cardamom exports worth Rs 25.72 billion, according to the Department of Customs.
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