Tuesday, 23 July, 2024
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Nepal records 88.30 percent rise in export



nepal-records-8830-percent-rise-in-export

Kathmandu, Feb 22: Exports in Nepal have increased in the first seven months of the current fiscal year 2021/22.

According to the statistic unveiled by the Department of Customs here today, the export of domestically produces goods stood at 88.30 per cent. The export during this period amounted to around Rs 131 billion against over Rs 69.91 billion during the correspondent period of the previous fiscal year.

The country has recorded a rise in imports by 42.78 per cent during the first seven months of the current fiscal year, the Department said. The import stood at Rs 1,147.46 billion against Rs 803 billion during the period.

Similarly, due to the rise in imports compared to export, the trade deficit has increased too. There is a trade deficit of over Rs 1,015 billion in the first seven months of the current fiscal year while it was Rs 733 billion during the same period of the previous fiscal year. The trade deficit has increased by 38.45 per cent.

Meanwhile, foreign trade has increased by 46.43 per cent in the first seven months of the current fiscal year. The country saw over Rs 1279. 12 billion transactions against Rs 873 billion transactions during the corresponding period of the previous year.

Nepal imported foreign goods from 145 countries amounting to over 1,147.46 billion. A major portion of the imports was recorded from India at Rs 696 billion followed by China at Rs 165.23 billion, shared by the Department.

Nepal has a trade deficit of Rs 589 billion with India while Rs 164.74 billion with China.