Nepal's Foreign Trade Reaches Record High in FY 2082/83 Amidst Widening Deficit

Kathmandu. In the last fiscal year 2082/83, Nepal's total foreign trade volume increased by 15.88 percent to reach 24 kharba 11 arba 66 crore 95 lakh 45 thousand rupees. According to the annual data from July 2082 to June 2083 published by the Department of Customs on Thursday, this trade is the highest ever. The total trade in the previous year was 20 kharba 81 arba 15 crore 29 lakh 33 thousand rupees.

During this period, Nepal's total imports increased by 16.20 percent to reach 20 kharba 96 arba 37 crore 90 lakh 70 thousand rupees. In the previous fiscal year 2081/82, Nepal imported goods and services worth 18 kharba 4 arba 12 crore 27 lakh 31 thousand rupees.

Similarly, Nepal's exports also improved by 13.81 percent in the fiscal year 2082/83. Last year, goods worth 3 kharba 15 arba 29 crore 4 lakh 74 thousand 5 hundred rupees were exported from Nepal, compared to 2 kharba 77 arba 3 crore 2 lakh 2 thousand rupees in the previous year. With the growth rate of exports being slower than imports, the trade balance pressure remains the same.

Although both imports and exports increased, the trade deficit has widened as imports constitute a larger share, according to the data.

The total foreign trade deficit has increased by 16.63 percent compared to the previous year. According to the annual data from July 2082 to June 2083, Nepal's total trade deficit has reached 17 kharba 81 arba 8 crore 85 lakh 96 thousand rupees. In the previous fiscal year 2081/82, this deficit was 15 kharba 27 arba 9 crore 25 lakh 30 thousand rupees.

According to the data, the ratio of imports to exports has also seen a slight increase. This ratio, which was 6.51 in the previous year, increased by 2.10 percent to 6.65 in the last fiscal year. This means that for every 1 rupee worth of goods Nepal exports, it imports goods worth 6 rupees and 65 paisa.

Similarly, the share of exports in total foreign trade has shrunk by 1.79 percent to 13.07 percent, down from 13.31 percent in the previous year. On the other hand, the share of imports in total trade has increased slightly (0.27 percent) to 86.93 percent, up from 86.69 percent in the previous fiscal year.