Kathmandu: Nepal’s trade deficit has surged to Rs 987.39 billion in the last eight months of the current fiscal year, despite a 57.2% increase in exports. Total foreign trade reached Rs 1.3 trillion, with imports rising by 11.2% compared to the previous year.
Petroleum imports remain a major contributor, with Rs 78.86 billion spent on diesel, Rs 42.80 billion on petrol, and Rs 41 billion on LPG. Additionally, Nepal imported electric vehicles worth Rs 9.69 billion and smartphones worth Rs 21.91 billion.
The trade deficit with India stands at Rs 563.67 billion, with imports totaling Rs 688.68 billion against Rs 125 billion in exports. Similarly, Nepal’s trade deficit with China reached Rs 21.70 billion.
Despite the deficit, exports reached Rs 158 billion, driven by processed edible oil, including Rs 47.94 billion in soybean oil and Rs 7.98 billion in sunflower oil. Other key exports include cardamom (Rs 5.83 billion) and carpets (Rs 4.32 billion).
Nepal recorded a trade surplus with 34 countries, including Afghanistan, Denmark, Russia, Austria, and the Maldives.