Nepal’s trade deficit surged by 87.44% during the first five months of the current fiscal year compared to same period the last year as imports increased substantially.
According to Nepal’s Department of Customs, the country witnessed trade deficit of $3.22bn during the first five months of fiscal year 2016-17, Xinhua news agency reported.
Nepal imported goods worth $3.5bn during the period as imports surged by 78.26% compared to same period last fiscal year.
On the other hand, the Himalayan country exported goods worth $280mn, a rise by 14% year-on-year.
Both exports and imports declined during the same period last fiscal year as the country faced Indian blockade since September 2015 for four-and-a-half months.
According to DoC, Nepal imported goods worth $2.3bn from India which is two third of the country’s total imports. From China, it imported goods worth $500mn.