Stories Tagged 'Trade deficit'
In the fiscal year 2017-18, which ended mid-July last year, Nepal ran a trade deficit of Rs1,164 billion, up 27.5 percent year-on-year. Spending on imports totalled Rs1,245 billion, of which Rs173 billion went toward petroleum products.
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Nepal has to limit imports to cut the swelling trade deficit and help domestic industry
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Outflow of funds from Nepal surpassed inflows by Rs85.32 billion in the first five months of the current fiscal year, mainly due to excessive rise in import bill compared to export earnings.
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Nepal’s trade deficit widened to Rs569.50 billion in the first five months of the fiscal year as imports of oil, construction materials, machinery, automobiles, electric appliances and airplane parts soared, according to Trade and Export Promotion Centre statistics.
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With the swelling current account deficit eating into country’s foreign exchange reserves, the government is exploring measures, including quantitative import restriction on some items, to curb the ever-increasing imports.
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Nepal’s trade deficit ballooned 40.3 percent in the first four months of the fiscal year as rising imports of fuel and agricultural goods continue to dent the economy.
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