Saturday, May 28, 2022

Nepal records 88.30 percent rise in export


Kathmandu, 22 February (2022) - Exports in Nepal has 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 rise in import by 42.78 per cent during the first seven month 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 rise in import compared to export, trade deficit has increased too. There is trade deficit 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. 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 transaction against Rs 873 billion transaction during the corresponding period of the previous year.

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

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