Nepal sees marginal drop in imports, substantial decline in exports in fiscal year 2080/81

KATHMANDU: The latest figures from the Department of Customs reveal a mixed picture for Nepal's foreign trade in the first seven months of the current fiscal year 2080/81, with imports experiencing a marginal 2% decline, while exports have faced a more pronounced 7% drop.

Between Shrawan (July 17) and Magh (February 12), Nepal's imports totaled Rs 897.94 billion, marking a slight decrease of 2.31% compared to the same period last year when imports stood at Rs 919.16 billion.

On the other hand, exports during this period amounted to Rs 86.83 billion, reflecting a more substantial decline of 7.07% from the previous fiscal year's figure of Rs 93.43 billion.

This has resulted in a trade deficit of Rs 811 billion for Nepal during the seven-month period, representing a modest decrease of 1.77% from the previous fiscal year's deficit of over Rs 825 billion.

Despite the decline in both imports and exports, the total foreign trade for Nepal in the seven months stands at Rs 984.77 billion. This indicates a 2.75% increase compared to the same period last year, which recorded a total foreign trade of Rs 1012.59 billion.

These figures underscore the challenges and fluctuations inherent in Nepal's foreign trade landscape, highlighting the need for strategic measures to address the trade deficit and promote balanced economic growth.