Nepal's Foreign Trade Hits Record High, Trade Deficit Widens
Summary
Nepal's foreign trade volume reached a record 24 trillion rupees in fiscal year 2082/83, but the trade deficit widened due to imports growing faster than exports.
Key Points
- Nepal's total foreign trade volume crossed 24 trillion rupees in fiscal year 2082/83, a 15.88% increase from the previous year.
- Imports rose by 16.20% to over 20 trillion rupees, while exports increased by 13.81% to around 3 trillion rupees.
- The trade deficit expanded by 16.63% to approximately 17 trillion rupees, signaling a large outflow of foreign currency.
- Nepal's largest trade deficits are with India and China, accounting for the majority of the overall deficit.
