 climbs to an alarming Rs 461 billion 938 million 93 thousand, surpassing previous records.){kind=link}
Nepal grapples with a formidable economic challenge as the trade deficit for the initial four months of the fiscal year 2080-81 BS (2023-24) climbs to an alarming Rs 461 billion 938 million 93 thousand, surpassing previous records.
Data released by the Department of Customs reveals a foreign trade value exceeding Rs 563 billion, with imports reaching over Rs 512 billion, leading to a deficit of Rs 50.56 billion.
Comparing these figures to the corresponding period in the previous fiscal year, there’s a notable decline in import value by 3.79 percent, export by 7.68 percent, trade deficit by 3.34 percent, and overall foreign trade by 4.15 percent. This economic landscape underscores the challenges posed to Nepal’s economic equilibrium.
India remains Nepal’s largest trade partner, with Nepal-India trade values surpassing Rs 347 billion in the first four months of the current fiscal year. However, this association brings forth a significant trade deficit of over Rs 281 billion, further contributing to Nepal’s economic imbalance.
The data underscores the urgency for strategic economic measures and policies to address the widening trade deficit, emphasizing the need for a comprehensive approach to strengthen Nepal’s economic resilience in the face of global economic fluctuations.