Exports Reach Historic High, Lifting Foreign Trade to Record Level
Summary
Nepal's foreign trade and export earnings reached historic levels during the first eleven months of the fiscal year, with total trade at NPR 2.172 trillion and exports hitting an all-time high of NPR 277.97 billion, driven by soybean oil and cardamom exports.
Key Points
- Nepal's total foreign trade reached a record NPR 2.172 trillion within eleven months, surpassing the previous full fiscal year record.
- Exports also hit an all-time high of NPR 277.97 billion, with a 12.28% year-on-year growth driven mainly by soybean oil and cardamom.
- Despite export growth, Nepal faces a significant trade deficit due to heavy import dependence, especially on fuel and vehicles.
- India and China remain Nepal's key trade partners, with Nepal maintaining trade surpluses with 34 countries and deficits with 124 countries.
