Kathmandu: Country has registered a trade deficit of Rs 723.58 billion in the first six months of the current fiscal year, according to the Department of Customs. During this period, the country's total foreign trade volume amounted to Rs 921.16 billion.

The data reveals that Nepal exported goods worth Rs 98.79 billion while importing goods valued at Rs 822.37 billion. Compared to the same period last year, imports increased by 7%, and exports surged by 31.78%. However, the trade deficit widened by 4.38% year-on-year.

India emerged as Nepal's largest trading partner, with imports from India totaling Rs 502.8 billion. Exports to India stood at Rs 73.71 billion, resulting in a trade deficit of Rs 429.14 billion. Similarly, Nepal's trade deficit with China reached Rs 158.62 billion, while the deficit with Argentina was Rs 22.62 billion.

Despite these figures, Nepal maintained a trade surplus with 32 countries, including Denmark, Austria, Russia, and the Maldives. The nation recorded trade deficits with 23 countries, underscoring the need for policies to boost exports and reduce import dependency.

The rising trade imbalance highlights the challenges Nepal faces in addressing its economic vulnerabilities and achieving a sustainable trade balance.