Trade Balance till Bhadra shows fall in import and rise in export; Highest trade deficit of 62% still with India

Tue, Oct 15, 2019 2:54 PM on Economy, Latest,

The Balance of Payment (BOP) deficit had kept the country on its toes and that led to strong steps from the government. The latest data for foreign trade till the month of Bhadra, 2076 shows some improvement.

According to the data published by the Customs department, the imports has fallen by 1.22% from Rs 2.32 kharba till Bhadra 2075/76 to Rs 2.29 kharba till Bhadra 2076/77. Likewise, the exports has increased by 25.87% in the same period from Rs 14.69 arba to Rs 18.5 arba.

The increase in export and decrease in import has helped curve the trade deficit by 3.05%.

The total trade deficit till Bhadra 2076 stands at Rs 2.11 kharba, out of which the highest deficit of Rs 1.31 kharba is with India. This amount is around 62% of the total deficit. Similarly, second in list is China with a trade deficit of Rs 40.27 arba (19%).

Similarly, from export point of view, Nepal's largest export destination is India with the value of export till Bhadra amounting to Rs 12.15 arba followed by United States with export of Rs 2.08 arba. Despite being the second largest import destination, China ranks at 8th position for export with Rs 29.04 crore.