Country’s imports exceed Rs 999 billion in first six months of current FY

KATHMANDU: The export has also witnessed an increase along with the import in the first six months of the current fiscal year.

The country imported goods and services worth Rs 999 billion 342 million 700 thousand and exported goods and services worth Rs 118 billion 850 million in this period.

Nepal has imported goods from 141 countries and the largest import was from India. Imports from India were worth Rs 603 billion 545 million 100 thousand during this period.

Trade statistics of the first six months of the current fiscal year 2021/22 released by the Department of Customs shows that the import increased by 59.13 percent while the export went up by 955.48 percent during this period.

The import in the first six months of the last fiscal year, 2020/21, stood at Rs 661 billion 245 million and 300 thousand.

Although the export is increasing, the import is growing exponentially thereby leading to a heightening trade deficit.

Trade deficit increased by 46.64 percent in the first six months of the current fiscal year to reach Rs 880 billion 491 million 700 thousand.

The trade deficit in the same period last fiscal year was Rs 600 billion 446 million 100 thousand.

Similarly, the country recorded foreign trade worth Rs 1 trillion 118 billion 193 million 600 thousand in the first six months of the current fiscal year while it was Rs 722 billion 450 million during the corresponding period last fiscal year.

The foreign trade in the first six months of the current fiscal year is 54.86 percent more as compared to the foreign trade in the corresponding period of the last fiscal year.