Nepal’s trade deficit surpasses Rs 460 billion in first four months of FY 2023-24

Kathmandu: As of mid-November in the current fiscal year (FY 2023-24), Nepal has recorded a trade deficit exceeding Rs 460 billion, according to data released by the Department of Customs.
The figures reveal a trade deficit of Rs 461.93 billion, with the country’s foreign trade volume reaching over Rs 563 billion and import volume exceeding Rs 50.56 billion during this period.

Comparing these statistics with the corresponding period in the previous fiscal year, there is a notable decline in import value by 3.79 percent, export by 7.68 percent, trade deficit by 3.34 percent, and overall foreign trade by 4.15 percent.

India remains Nepal’s largest trade partner, contributing significantly to the trade dynamics. In the first four months of the current fiscal year, the Nepal-India trade value surpassed Rs 347 billion, resulting in a trade deficit of over Rs 281 billion.

These figures underscore the economic interdependence between the two neighboring countries, with trade dynamics playing a crucial role in Nepal’s fiscal landscape.

The authorities continue to monitor and assess these trends to formulate strategies for sustainable economic development.