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Nepal's Trade Deficit Widens 16.63% as Imports Continue to Outpace Exports

Nepal's foreign trade reached Rs 2.096 trillion in FY 2082/83, but a sharp rise in imports pushed the country's trade deficit up by 16.63% to Rs 1.781 trillion, according to the Department of Customs.

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Nepal's Trade Deficit Widens 16.63% as Imports Continue to Outpace Exports

Nepal's foreign trade expanded by 15.88% in the fiscal year 2082/83, driven largely by a surge in imports, according to the Department of Customs. Imports rose 16.20% year-on-year to Rs 2.096 trillion, while exports increased by 13.81% to Rs 315.29 billion. Despite the growth in exports, their share in total trade declined from 13.31% to 13.07%, highlighting the country's continued reliance on imported goods. The widening gap between imports and exports pushed Nepal's trade deficit up by 16.63% to Rs 1.781 trillion during the review period. The import-to-export ratio also deteriorated, with Nepal importing goods worth Rs 6.65 for every Re 1 of exports, compared to Rs 6.51 a year earlier. Imports accounted for 86.93% of the country's total foreign trade, underscoring the need to strengthen domestic production and promote export-oriented industries to reduce the growing trade imbalance.

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