Trade deficit increases to Rs. 295.96 b

Nepal´s trade deficit has increased by 28.9 percent to Rs. 295.96 billion during the first seven months of the current fiscal year compared to the same period last fiscal year.

According to Trade and Export Promotion Center (TEPC), the country’s imports has increased by 24.7 percent to Rs 340.16 billion while the exports stood at Rs 44.2 billion, an increase by 3.7 percent during the review period.

The trade deficit rose following the increase in the import of petroleum products, iron and steel products, automobiles, machinery and parts and cereals. Petroleum import has increased by 22.1 percent to Rs. 60.78 billion while iron and steel increased by 21.7 percent to Rs. 34.12 billion.

Similarly, the import of automobiles and parts soared by 39.9 percent to Rs. 19.69 billion, machinery and parts up by 26.9 percent to Rs 17.93 billion and cereals up by 89 percent to Rs 11.62 billion.

However, iron and steel, yarn, textile, woolen carpets and lentils stood as top five products exported during the review period. nepalnews.com