Kathmandu, August 6, 2018: In last decades, import rates have been skyrocketing and the export rate remains slow resulting in the trade deficit to jump five folds.
Department of Customs released trade statistics of last fiscal 2017-2018. According to the data, the trade deficit Rs. 1,162.10 billion on imports worth Rs. 1,243.29 billion against export worth Rs.81.19 billion in last fiscal year. According to DoC, comparing with the previous fiscal year, import growth was 26.31% and export growth was 11.17% with the trade deficit of 27.5%. In the fiscal year 2008-2009, there was the import of goods worth Rs.4 for export worth Rs.1. Today the import of Rs.15 worth export of Rs.1 resulting in the ratio of export to import ratio to 1:15 in the fiscal year 2017-2018.
As per Doc, the major imports of the country comprise of fuel, steel, machines and machinery parts, vehicles and electronic goods as imports have been skyrocketed in the last decade.