Kathmandu: Nepal has recorded a trade deficit of Rs. 929.61 billion during the first eight months of the current fiscal year. The Nepal Rastra Bank (NRB) reported that this marks a 2.5 percent decrease compared to the same period last fiscal year, with the country's export-import ratio dropping to 9.8 percent.

According to the Current Macroeconomic and Financial Situation released by the NRB, merchandise imports totaled Rs. 1030.22 billion during the review period.

The report highlights a decrease in imports from India and other countries by 2.8 percent and 22.9 percent, respectively, while imports from China surged by 33.7 percent. Notably, imports via Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa, and Tatopani Customs Offices saw an increase.

Furthermore, merchandise imports from India, paid in convertible foreign currency, amounted to Rs. 98.29 billion, up from Rs. 85.12 billion during the same period last year.

NRB's data revealed an increase in imports of various items such as readymade garments, transport equipment, vehicle spare parts, aircraft spare parts, and electrical equipment. However, imports of commodities like crude soybean oil, gold, petroleum products, and paddy saw a decline.

Regarding exports, while Bhairahawa, Dry Port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa, and Tatopani experienced an uptick, exports from other major customs points decreased over the same period, as per the NRB's findings.