Kathmandu, Sept,7: The country’s export has improved comparatively at the very beginning of the current fiscal year 2019/20.
According to the Foreign Trade Statistic of Department of Customs, export trade has increased by 27.68 per cent to Rs. 8.83 billion in the first month of the current fiscal year compared to same period last fiscal year.
However, import has decreased by 11.51 per cent and limited at Rs. 106.72 billion during the review period.
The country exported goods worth Rs. 6.92 billion and imported goods worth Rs. 120.6 billion in the same period last year.
Owing to increase in export and decrease in import, the nation’s trade deficit has decreased by 13.9 per cent to Rs. 97.88 billion during the review period.
The trade deficit had stood at Rs.113.68 billion in the first month of the last fiscal year.
The share of export and import to the total trade stands at 7.6 per cent and 92.4 per cent respectively during the review period, report said.
The share of export and import to the total trade was 5.4 per cent and 94.6 per cent respectively in the same period last fiscal year.
During the review period, Nepal had traded with more than 100 countries.
Out of them, Nepal had faced highest trade deficit with India following China during the review period as India is the highest trading partner of Nepal.
The trade deficit of the country with India stood at Rs. 61.75 billion; while, it was stood at Rs. 18.33 billion with China.
During the review period, Nepal imported goods from India worth Rs. 67.81 billion and exported goods worth only Rs. 6.05 billion.
Likewise, Nepal exported goods to China worth Rs. 198.2 million and imported goods from China worth Rs. 18.53 billion.
The country faced trade deficit with Indonesia worth Rs. 2.01 billion (third trade deficit country) in first month of the current fiscal year.
Nepal imported goods from Indonesia worth Rs. 2.0143 billion against exported only of Rs. 388,000 in the review period.
However, Nepal’s trade with few countries including United Kingdom, Turkey and Denmark was become surplus.
Trade surplus with United Kingdom stood at Rs. 114.08 million, with Turkey Rs. 75.6 million and with Denmark of Rs. 7.4 million during the review period.