KATHMANDU: Nepal’s foreign trade in the fiscal year 2023/24 saw a total turnover of Rs 1,745 billion, resulting in a trade deficit of Rs 1,440 billion, according to recent statistics released by the Department of Customs.
During the year, Nepal imported goods valued at Rs 592 billion, while exports amounted to Rs 152 billion.
This marks a decrease in both import and export activities compared to the previous fiscal year.
In 2022/23, the trade deficit was recorded at Rs 1,768 billion, with imports at Rs 1,611 billion and exports at Rs 157 billion.
The import figures for the fiscal year 2023/24 decreased by 1.16%, while exports decreased by 3.03%, contributing to an overall decrease of 1.33% in foreign trade and a 0.96% reduction in the foreign trade deficit from the previous fiscal year.
India retained its position as Nepal’s largest trading partner, with Nepal recording a deficit of Rs 893.17 billion in its trade with India.
Nepal imported goods worth Rs 996.68 billion from India and exported goods worth Rs 103.17 billion.
Following India, Nepal’s second-largest trade deficit was with China, amounting to Rs 296.18 billion.
Imports from China were valued at Rs 298.77 billion, while exports were significantly lower at Rs 258.8 million.
Nepal’s highest trade surplus was recorded in transactions with Denmark, amounting to Rs 467.05 million. Imports from Denmark were valued at Rs 354.05 million, while exports totaled Rs 822.01 million.
Petroleum products, including diesel, petrol, and LPG, constituted the highest imports, with diesel alone amounting to Rs 143.97 billion.
Iron products and smartphones also contributed significantly to Nepal’s import expenditure.
In terms of exports, carpets and cardamom were among the notable items, with carpets accounting for exports worth Rs 10.57 billion and cardamom for Rs 7.93 billion.
The statistics indicate Nepal’s ongoing challenges in balancing its trade deficit, despite some marginal improvements in the fiscal year 2023/24.
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