Nepal’s foreign trade took a hit, recording a massive loss of Rs 861.38 billion over the past seven months of this fiscal year. Total trade? A whopping Rs 1,115.79 billion. The Department of Customs dropped these numbers, and honestly, it’s not looking great. Imports? Rs 988.58 billion. Exports? Just Rs 127.20 billion.
But hey, there’s a silver lining, exports actually grew by 46.50% compared to last year. Imports, though, went up by 10.09%. Overall, foreign trade increased by 13.30%. Still, the trade loss? It’s up by 6.20%. Not exactly the kind of growth anyone’s cheering for.
Here’s the kicker, 88.60% of Nepal’s trade is imports. Exports? A tiny 11.40%. It’s like trying to fill a bucket with a hole in it. And India, Nepal’s biggest trade partner? The trade deficit with them alone is Rs 498.34 billion. Nepal imported Rs 596.35 billion worth of goods from India but only managed to export Rs 98.75 billion. That’s a tough pill to swallow. China’s no better. Nepal’s trade deficit with them? Rs 19.44 billion. Imports from China? Rs 192.45 billion. Exports? A measly Rs 2 billion. It’s like bringing a spoon to a food fight. Argentina, UAE, and Australia? Yeah, Nepal’s losing there too.
But wait, there’s a twist! Nepal’s actually winning in trade with 35 countries. Afghanistan, for example. Nepal imported just Rs 12.4 million from them but exported Rs 494.5 million. Denmark, Russia, Austria, Norway, and the Maldives? They’re all on the losing side with Nepal. Small wins, but wins nonetheless.
A significant portion of Nepal's import expenses is directed toward petroleum products, while soybean oil continues to be the top export from the country.
