Stories Tagged 'Trade deficit'
Nepal’s trade deficit in the first nine months of the fiscal year jumped almost 22 percent year-on-year due to a spike in imports of oil, bitumen, aircraft parts and cereal. The deficit reached Rs991.78 billion at the end of the third quarter.
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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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