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Nepal’s widening trade deficit of Rs 900b in last fiscal year

Nepal’s widening trade deficit of Rs 900b in last fiscal year

KHATMANDU: The country has witnessed the trade deficit of around Rs 909 billion in the last fiscal year, according to the Ministry of Commerce.

The trade deficit with India has crossed Rs 600 billion while the volume of trade deficit with China is Rs 128 billion in the last fiscal year. Similarly, the country had the trade deficit of Rs 182 billion with other countries. The stakeholders said that the trade deficit was increasing year by year for lack of promotion and marketing of exportable goods.

At a meeting of the Industry, Commerce and Consumer Rights Protection Committee of the Legislature Parliament held Thursday, the lawmakers said that the picture of country’s trade deficit was depressing and suggested a strategic plan to reduce the widening trade deficit.

On the occasion, Minister for Commerce Min Bahadur Bishwakarma said that the matter of trade deficit equal to country’s annual budget was unfortunate.

Generally, Nepal imports petroleum products, iron, steel, gold and other products including food items worth around Rs 100 billion annually.