Kathmandu, Nepal, July 25, 2022: Nepal’s trade deficits have soared by 23 percent compared to the last fiscal year 2077/78.
According to the annual data of the fiscal year 2078/79 provided by the Customs Department, Nepal imported goods worth Rs. 19.20 Kharba in the last fiscal year that ended at the mid July, 2022.
As Nepal exported goods worth Rs. 2 Kharba, country’s trade loss stands at Rs. 17.20 Kharba, which is about equal with the annual budget of the country. The annual estimated budget of the current fiscal year is Rs. 17.93 Kharba.
In the financial year 2077/78, the trade deficit of the country was Rs.13.98 Arba. In the fiscal year, Nepal had imported goods worth of Rs. 15.39 Arba while exported goods worth of Rs. 1.41 Kharba.
Dramatic increase of crude oil price has become the major factor behind the widening trade deficit. Nepal imported petroleum products worth Rs. 3.83 Kharba in the last fiscal year alone.
India is the top source for importing goods followed by China, Indonesia, United States and UAE respectively during the last fiscal year.
