December 2, 2020: Nepal has a positive trade balance with 25 countries with the export earnings exceeding the import expenses in these countries by Rs 1.73 billion in total.
According to the Department of Customs, in the first four months of the current fiscal year, Nepal observed a trade surplus of Rs 1.03 billion with the United States of America, the largest of all. During the period, Nepal exported a notable amount of dog and cat food, felt products, carpets and other textile floor coverings, readymade garments and gloves and glass-ceramic objects, among others. Nepal earned a total of Rs 4.71 billion through export of these products to the world’s largest economy.
The United Kingdom stood at second position in terms of the highest trade surplus for Nepal. By exporting goods worth Rs 973.89 million to the country, Nepal registered a trade surplus of Rs 416.29 million during the review period.
Denmark, Sudan, Anguilla, Yemen, Iceland, Chad, Mauritius, Monaco, Slovenia, Islamic Republic of Iran, New Caledonia, Bosnia and Herzegovina, Uruguay, Cambodia, Estonia, Greece, Tunisia, Bahamas, Brunei Darussalam, Congo, Dominica, Azerbaijan and the Maldives were among other countries with which Nepal enjoyed the favourable balance of trade.
Of 132 trading partner countries, Nepal, however, faced a trade deficit with the rest of 107 countries. Nepal witnessed the largest deficit of Rs 236.22 billion in trade with India. China, Argentina, Canada and the United Arab Emirates were among the top five countries in order, to which Nepal spent a larger volume of foreign currencies to purchase the goods.
During the review period, Nepal’s imports were down by 10.62 percent while adding up 10.81 percent for the exports value. As a result, the overall trade deficit fell by 12.49 percent to Rs 362.29 billion.
Source: myRepublica
