Trade deficit soars to Rs 880 billion loss in six months

The country has recorded a huge trade deficit. In the first six months of the current fiscal year, Rs 880 billion trade loss was recorded by Nepal Rastra Bank (NRB).

In half-year report made public by the NRB on Wednesday, noticeable import is the reason behind soaring trade deficit. The trade loss in total goods is 46.6 percent. The loss however decreased by 5.8 percent as compared to the same period last year. In the review period, export-import ratio has reached 11.9 percent. It was 9.2 percent in the same period last fiscal.

In these six months, import of worth Rs 191 billion was made from India, while such import in same period of the last fiscal year was R 83.1 billion. However, export of total goods in these six months amounted to Rs 118 billion.

Similarly, in the review period, net foreign direct investment recorded increase by 48.1 percent, thereby reaching Rs 11.34 billion.

The balance of payment is at loss of Rs 241.23 billion. In the same period of the corresponding year, BoP loss was at Rs 124.92 billion.

Moreover, the remittance inflow decreased by 5.5 percent, thereby reaching Rs 468.45 billion in this period.

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