KATHMANDU: The trade deficit is widening despite the government’s crackdown on foreign imports.
The trade deficit has been increasing despite the government’s tightening of imports of many commodities and ban on imports of some ‘non-essential’ commodities.
In the first nine months of the current fiscal year, Nepal’s foreign trade deficit has reached more than 1.3 trillion rupees. According to the data released by the Department of Customs, the trade deficit has exceeded Rs 1.3 trillion in the first nine months of the current fiscal year.
In the corresponding period of the previous year, Nepal had paid Rs. 1.016 trillion. Despite the government’s tightening of imports, the trade deficit has increased by Rs 300 billion this time.
The trade deficit has increased due to an increase in imports as compared to exports. In the first nine months of the current fiscal year, the trade deficit has increased by 28.47 percent with the import of over Rs.1.4 trillion.
In the first nine months of the current fiscal year, Nepal has incurred a foreign trade deficit of Rs. 1.36 trillion. In the corresponding period of the previous year, Nepal had incurred a trade deficit of Rs. 1.016 trillion.
Similarly, Nepal’s foreign trade has increased by 34.91 percent in the first nine months of the current fiscal year. During this period, it has reached Rs. 1.61trillion.
In the corresponding period of the previous fiscal year, the foreign trade was Rs. 1.26 trillion.
As of mid-April, exports of domestic goods increased by 69.44 percent. Nepali goods worth Rs 160.57 billion have gone abroad in the last nine months.
Nepal had exported goods worth Rs 94.76 billion in the first nine months of the last fiscal year.
Import of 2 trillion petroleum products
Nepal has imported 200 billion worth of petroleum products in the first nine months of the current fiscal year. At the same time, diesel, petrol, and cooking LP gas worth Rs 198.55 billion petroleum products were imported.
The highest imports were more than Rs 105.97 billion in diesel, 47.23 billion in petrol, and 45.34 billion in cooking LP gas.
Nepal exports 45 billion soybean oil
Soybean oil worth Rs 45.58 billion has been exported from Nepal in the past nine months. Similarly, palm oil worth Rs 32.47 billion has been exported from Nepal.
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