Nepal’s trade deficit inched down 1.54 percent to Rs544.41 billion in the first 10 months of the current fiscal year, largely due to a steep fall in the oil import bill, the Department of Customs said.
Export earnings amounted to Rs54.93 billion, down 22.37 percent, against import expenses of Rs599.34 billion, down 3.9 percent.
During the review period, spending on two key imports—petroleum products and iron and steel—dropped sharply. Nepal’s oil import bill plunged 40 percent to Rs62.85 billion while the iron and steel import bill fell 13.27 percent to Rs53.6 billion.
Nepal’s trade deficit with its largest trading partner India reached Rs340.85 billion. Nepal exported goods worth Rs30.64 billion and imported goods worth Rs371.5 billion to the southern neighbour in the first 10 months of the
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