Trade deficit with Egypt on the rise

Published On: January 5, 2017 12:00 AM NPT By: Republica | @RepublicaNepal

KATHMANDU, Jan 4: Nepal’s trade deficit with Egypt is increasing with every passing year.

Statistics compiled by Trade and Export Promotion Center (TEPC) shows Nepal suffered trade deficit of more than Rs 1.29 billion with Egypt in 2015.

Nepal imported products worth more than Rs 1.30 billion from Egypt in the review year, while it exported goods worth only Rs 2.4 million. Likewise, goods worth Rs 1.28 billion were imported from Egypt in 2014. In the year, Nepal could export products worth Rs 471,000 only. Till the first six months of June, 2016, Nepal imported products worth Rs 1.28 billion from Egypt, while it exported goods worth only Rs 116,000.

Nepal exports products like sugar, sugar confectionery, tobacco, textile and different types of clothes to Egypt, while it imported products like juice, sausage, milk products, egg, honey, chocolates, coffee, tea, lubricant oil, paints, fruit and almond from the Arab Republic.

Government officials and business leaders say that agriculture, trade, tourism and environment sector could benefit from improved bilateral relationship between the two countries.

NEPAL-EGYPT CHAMBER OF COMMERCE AND INDUSTRIES FORMED

Meanwhile, Nepal-Egypt Chamber of Commerce and Industries have been established to promote good relationship between the two countries.

Akhil Kumar Chapagain, president of the organization, said that Nepal-Egypt Chamber of Commerce will help to increase trade relation between the two countries.

Speaking at the launching ceremony, Egyptian ambassador to Nepal, Baher Nabil Abdel Fattah Helmy, said that it’s now time for Nepal and Egypt for strengthening business, investment and trade ties between the two countries. “The potentiality in the economic relations between the two countries is very promising and should be important for the sake of the mutual benefits of the two governments and people of the both the countries,” he added.

Nepal and Egypt established diplomatic relation in 1957. Nepal established its embassy in Egypt in 1966, while Egypt established its mission in Nepal in 1970.

Despite decades-old relationship, Nepal has managed to attract only few tourists from Egypt. Data shows that only 473 tourists from Egypt visited Nepal in 2016.