Nepal faces trade deficit with 134 nations, surplus with only 23
Nepal has a trade deficit with 134 nations and surplus with only 23 nations out of the total 157 nations, the country was engaged with in bilateral trade. The countries with which Nepal enjoys trade surplus are very tiny nations including Armenia, Kazakhstan, Yemen, the Bahamas, Bermuda, Algeria, Panama, Rwanda, Mauritius, New Caledonia, Maldives, Monaco, Sudan, and Guinea.
According to the Department of Customs (DoC), as of last fiscal year, Nepal has experienced maximum trade deficit with the neighbouring nations India and China.
Nepal has imported Rs 917.92 billion worth goods from India, where the country has exported merely Rs 62 billion worth goods in the last fiscal year. Trade deficit with India stood at Rs 855 billion. Similarly, Nepal’s trade deficit with its northern neighbour, China stood at Rs 200 billion, as Nepal imported goods worth Rs 255.1 billion from China, and exported merchandise worth Rs 2.10 billion only. Similarly, the trade deficit with the United Arab Emirates stood at Rs 35.4 billion, according to the customs data that has revealed that the total trade deficit stood at Rs 1.32 trillion, which is more than ts 6 billion compared to the budget of the last fiscal year.