Nepal’s trade deficit has surged to over NPR 811 billion in the first seven months of the fiscal year 2023/24, despite government pledges to narrow the gap.

According to the Department of Customs, although the deficit saw a slight decrease of 1.77 percent compared to the same period last year, it remains substantial.

The country’s foreign trade has witnessed a decline overall, with total trade amounting to NPR 984.77 billion over the seven-month period. Imports decreased by 2.31 percent, totaling NPR 897.94 billion, while exports dropped significantly by 7.07 percent, standing at NPR 86.83 billion.

This translates to a 2.75 percent decrease in total foreign trade compared to the corresponding period of the previous year, where Nepal’s foreign trade stood at NPR 1.12 trillion.