Trade deficit up by 11 percent

KATHMANDU, April 9: Trade deficit has shot up by 11.2 per cent in the first eight months of the current fiscal year 2014/15. It stands at Rs 448 billion.

The total goods export was in the negative as majority of the goods supplied to different countries declined.

During the period, the total export of the traditional goods has decreased by eight per cent and reached Rs 56.92 billion this year while the import increased by 8.7 per cent to Rs 504.92 billion.

The import of foreign goods was up 7.5 folds in the first eight months in the previous fiscal year as compared to the earlier year while it is 8.9 folds in the corresponding period this year compared to the last year, according to the Trade and Export Promotion Centre.

Export of woollen carpet slumped by 4.8 per cent to Rs 4.60 billion and that of ready-made garments by 1.3 per cent to Rs 3.62 billion compared to the corresponding period of the previous year.

Likewise, the export of iron and steel and their products decreased by 7.3 per cent to Rs 7.75 billion while that of the orange lentil by 20.4 per cent to Rs 1.6 billion.

Centre Director Suyesh Khanal said that the aggregate foreign trade during the review period however increased by 6.7 per cent and reached Rs 561.9 billion during the corresponding period of the previous fiscal year.

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---RSS