Published On: August 24, 2022 06:20 AM NPT By: Republica | @RepublicaNepal
KATHMANDU, August 24: Nepal recorded a trade deficit of Rs 116.47 billion in the first month of the current fiscal year, a fall of 10.38 percent compared to the same period in the last fiscal year. This has provided a cushion to the country as it is experiencing the pressure of depleting foreign currency reserves.
According to the Department of Customs, the country’s import expense declined by 12.90 percent to Rs 131.28 billion in one month between mid-July and mid-August. The government’s measures to restrict the import of expensive luxury items helped reduce the import expense in the review period.
Along with the imports, the export earnings also fell by 28.68 percent to Rs 14.80 billion. In terms of the amount, the import figure was reduced by around Rs 19 billion, while the export earnings went down by around Rs 6 billion.
In the review period, Nepal imported petroleum and related products worth Rs 25.03 billion and iron worth Rs 13 billion.
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