Nepal imported Petroleum products worth Rs 278.76 billion in the last fiscal year.
As the country earned a mere Rs 157.14 billion from total exports in the last fiscal year, it is not enough to pay the bill of a single import, according to the Department of Customs (DoC).
The country suffered a trade deficit of Rs 1.454 trillion in the last fiscal year — though its a decline of 15.45 per cent — thanks to the government restriction on imports due to depleting foreign currency reserves, along with a fall in the income of people due to recession.
The DoC data also revealed that Nepal’s trade deficit stood at Rs 1.720 trillion a fiscal year ago in 2021-22. In the last fiscal year, trade deficit dropped by Rs 266 billion.
Nepal imported goods worth Rs 1.611 trillion, which a a decline of 16.08 per cent compared to a fiscal year ago, due to government restriction on some selected luxury items for almost six months in the last fiscal year.
According to the data.
Along with the imports, the export earning of the country also declined by 21.44 per cent, the data revealed, adding that Nepal earned Rs 157.14 billion from exports in the last fiscal year.
Top three imports in the last fiscal year 2022-23
Petroleum products Rs 278.76 billion
Iron products Rs 43.60 billion
Crude soybean oil Rs 35.58 billion