By Laxman Kafle, Kathmandu, Aug. 24: Nepal enjoyed a trade surplus only with 22 of its 160 trade partner countries in the last fiscal year 2020/21.
According to annual trade statistics of the Department of Customs (DoC) for the fiscal year 2020/21, the country had a trade surplus with Anguilla, Armenia, Azerbaijan, Bahamas, Bosnia and Herzegovina, Chad, Congo, Estonia, Fiji, Honduras and Kyrgyzstan.
Likewise, Nepal had a trade surplus with Lebanon, Maldives, Mauritius, Monaco, Montenegro, New Caledonia, Samoa, Sudan, Syrian Arab Republic, Trinidad and Tobago and Yemen. But the surplus amount has remained too low to contain the ever-widening trade deficit of the country.
In relation to the total amount, Nepal’s trade has been in higher surplus with Lebanon (Rs. 181.4 million) followed by Sudan (Rs. 73 million), Anguilla (Rs. 44 million) and Yemen (Rs. 27 million). Nepal exported goods worth Rs. 191.2 million to Lebanon against the import worth Rs. 9.8 million.
According to the statistics, Nepal enjoyed a trade surplus of Rs. 10.3 million with New Caledonia, of Rs. 11.1 million with the Syrian Arab Republic, Rs. 5.7 million with Monaco and of Rs. 8.09 million with Fiji during the last fiscal year.
Nepal's trade with seven countries, including Anguilla, Bahamas, Chad, Congo, Kyrgyzstan, Samoa and the Syrian Arab Republic has remained in surplus without import from these countries. Nepal exported goods worth Rs. 44 million to Anguilla, worth Rs. 1.6 million to the Bahamas, worth Rs. 4.2 million to Chad, worth Rs. 394,000 to Congo and worth Rs. 273,000 to Kyrgyzstan Barbuda.
Goods worth Rs. 190,000 have been exported to Samoa and worth Rs. 11.1 million to the Syrian Arab Republic in the last fiscal year.
In the last fiscal year, Nepal faced a trade deficit of Rs. 1,398.71 billion in the last fiscal year. The country’s trade deficit was increased by 27.26 per cent in the last fiscal year compared to the same period in the previous fiscal year 2019/20. In the fiscal year 2019/20, the trade deficit was Rs. 1,099.08 billion.
During the review period, Nepal’s export trade has increased by 44.43 per cent to Rs. 141.12 billion while imports rose by 28.66 per cent to Rs. 1,539.83 billion.
Nepal’s highest amount of trade deficit is with its neighbours, India and China, the two biggest trading partners. Nepal’s trade deficit with India reached Rs. 865.23 billion while with China it reached Rs. 232.9 billion. During the review period, Nepal exported goods worth Rs. 106.37 billion to India while goods worth Rs. 971.6 billion were imported from India.
Similarly, goods worth Rs. 233.92 billion were imported while goods only worth Rs. 1.01 billion were exported to China. Nepal has the third biggest trade deficit with Argentina at Rs. 41.93 billion. The county has a trade deficit with the United Arab Emirates at Rs. 36.78 billion, with Ukraine at Rs. 17.17 billion, with South Korea at Rs. 16.22 billion, with Australia at Rs. 15.35 billion, with South Africa at Rs. 11.1 billion, with Bangladesh at Rs. 10 billion and with Malaysia at Rs. 9.48 billion.