First Business News Portal in English from Nepal
KATHMANDU: During the first eight months of the current Fiscal Year 2022/23, Nepal has imported goods worth one trillion rupees. According to the data of the Department of Customs, goods worth over 1 billion were exported, while the country imported goods worth Rs 1.38 trillion during the period.
Imports have decreased by 19.13 percent in eight months of the current year compared to eight months of last year.
Due to the fact that the government has imposed a temporary ban on the import of various goods due to the decrease in foreign dollar reserves in the current financial year, there has been some decrease in imports.
Similarly, the government exported goods worth Rs 147.9 billion during the eight months of the current financial year.
The government has reduced exports by 29.07 percent during the eight months of the current year compared to the eight months of the previous financial year. In eight months of last year, goods worth Rs 145 billion were exported.
Likewise, the data shows that the country’s trade deficit is getting worse. According to the statistics of the department, the trade deficit of the country during the eight months of the current year is Rs 953 billion. During the eight months of the last financial year, the trade deficit was 1.16 trillion rupees.
The trade deficit has decreased by 17.86 percent in the first eight months of the current year as compared to the first eight months of the previous year.
According to the data of the Department of Customs, the share of imports in foreign trade during the eight months of the current financial year is high. The share of import is 90.99 percent while the share of export is 9.01 percent.
According to the Department of Customs, the government has spent nearly Rs 200 billion on the import of petroleum products during the eight months of the current year.
During that period, Rs 196.36 billion went abroad to purchase petroleum products including gas, petrol and aviation fuel.
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