Annual trade deficit projected to reach 1.7 trillion

The Central Bureau of Statistics has projected that the import of products will reach Rs. 2 trillion in the current fiscal year. The department estimates that exports will reach Rs 320 billion. According to this estimate, if there is foreign trade, the trade deficit alone will reach around Rs 1.7 trillion.

Stating that foreign trade will also help in the economic growth of the department, Director General of the Department Nabin Lal Shrestha said that increased imports and exports will also help in achieving the projected economic growth. The government has projected 5.84 percent economic growth this year.

In the first nine months of the current fiscal year, the trade deficit figure is over 1.3 trillion. According to the Customs Department, the total import of goods has reached Rs. 1466.66 billion. Exports during this period amounted to only Rs. 160.57 billion.

The share of imports in Nepal's total foreign trade is 90.13 percent and the share of exports is 9.87 percent. The share of exports has also been increasing due to the high growth in exports till the ninth month.