Kathmandu. In the first nine months of the current fiscal year 2082/83, Nepal’s export trade has crossed Rs 200 billion. According to the Department of Customs, the export in the review period increased by 18.46 percent compared to the same period last year.
Exports of goods and services stood at Rs 188.19 billion till mid-April of the last fiscal year, which has crossed Rs 200 billion in the same period of the current fiscal year. Similarly, Nepal’s exports stood at Rs 1.91 trillion till mid-March.
Meanwhile, imports have also increased significantly. In the first nine months of the current fiscal year, imports increased by 13.82 percent to reach Rs 1.49 trillion. Nepal had imported goods and services worth Rs 1.39 trillion in the same period of the previous fiscal year.
The trade deficit has widened as imports have been increasing at a high rate despite the growth in exports. In the review period, trade deficit increased by 13.04 percent to Rs 1267 billion. Such deficit stood at over Rs 11.21 trillion till mid-April last year.
According to economists, although the increase in exports is a positive sign, the high dependence on imports has posed a challenge to the trade balance. Production growth, export diversification and import substitution should be emphasized to reduce trade deficit in the long run.
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