KATHMANDU, Jan 23: Nepal’s trade deficit reached Rs 880.49 billion in the first half of the current fiscal year, which was 46.64 percent more than the value during the same period last year.
The records with the Department of Customs show that the widening trade deficit was due to the hefty rise in imports in the review period. During mid-July and mid-January, Nepal imported goods worth Rs 999.34 billion, 51.13 percent more than that of the last year.
The exports on the other hand also posted an encouraging increase of 95.48 percent to Rs 118.85 billion. Having a small basket of exports, the landlocked country failed to receive a notable benefit out of the significant growth in exports.
Out of the total exports, Nepal earned Rs 96.56 billion (81.24 percent) from selling its goods to India. Similarly, of the total import expenses, Nepal paid Rs 603.54 billion (60.39 percent) to its southern neighbor.