Kathmandu. Nepal has seen high trade deficit in foreign trade. As of mid-April of the current fiscal year, Nepal has a trade balance with only 34 countries. Nepal has a trade deficit with the remaining 120 countries.

According to the data released by the Department of Customs in the first 10 months of the current fiscal year, Nepal imported goods worth Rs 1,692.64 billion from various countries and exported goods worth Rs 248.96 billion.

With this, Nepal’s total trade deficit has reached Rs 1,443.67 billion. India is Nepal’s largest trading partner.

According to the Department of Customs, goods worth Rs 974.29 billion were imported from India while only Rs 204.37 billion was exported. Nepal’s trade deficit with India has reached Rs 769.92 billion.

China is Nepal’s second largest trading partner after India. Nepal also has a trade deficit with China. In the first 10 months of the current fiscal year, China imported goods worth Rs 336.40 billion while exports amounted to Rs 139.36 million.

According to the Department, Nepal’s trade deficit with China stands at Rs 335.01 billion.

Likewise, Nepal’s trade deficit lies with Argentina, the US, Indonesia, Thailand, Brazil, Malaysia, Ukraine, Saudi Arabia, Japan, Bangladesh, France, Singapore, South Korea, Canada, Russia and Italy.

In the first 10 months of the current fiscal year, Nepal has made the highest export to India. Nepal was followed by exports of goods to the US, Turkey, Singapore, Bhutan, France, China, Bangladesh, Japan and Saudi Arabia.

During this period, Nepal’s trade benefit was Rs 63.22 million with Denmark, Rs 5 crore 90 lakh 90 thousand with Norway, Rs 4 crore 68 lakh 4 thousand with Romania and Rs 2 crore 46 lakh 93 thousand with Iceland.