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Nepal suffered a trade deficit of Rs 1,440 billion while carrying out a foreign trade of total Rs 1,745 billion in the last fiscal year 2023/24.

As per the foreign trade statistics of the last fiscal year released by the Department of Customs, the country imported goods worth Rs 592 billion during the period while it exported goods worth Rs 152 billion.

The import-export and overall foreign deficit has decreased in the fiscal year as compared to previous fiscal year, reads the statistics. 

The trade deficit had reached Rs 1,768 billion in the fiscal year 2022/23 while importing goods worth Rs 1,611 billion and exporting goods worth Rs 157 billion.  The foreign trade deficit was Rs 1,454 billion in the previous fiscal year.

The import was decreased by 1.16 percent, export by 3.03 percent, overall foreign trade by 1.33 percent and foreign trade deficit by 0.96 percent in the last fiscal year as compared to previous fiscal year. The ratio of the last fiscal year is equal to 10.45 per cent.

India remained Nepal's largest trading partner, Nepal had a trade deficit of Rs 893.17 billion with India in the last fiscal year. Nepal had imported goods worth Rs 996.68 billion while it exported goods worth Rs 103.17 billion.

Nepal's second largest trade deficit is with China amounting to Rs 296.18 billion. Nepal imported goods worth Rs 298.77 billion while exported goods worth Rs 258.8 million.

Similarly, United Arab Emirates, Ukraine and Malaysia are in third, fourth and fifth position respectively with Nepal bearing the most trade deficit.

Nepal makes highest profit in trade with Denmark

During the last fiscal year, Nepal achieved its highest trade profit in transactions with Denmark.  It witnessed a profit of Rs 467.05 million with Denmark while the imports were valued at Rs 354.05 million followed by the exports worth Rs 822.01 million.

The second-highest trade profit was recorded with Afghanistan, amounting to Rs 466 million. Nepal imported goods worth Rs 27.6 million from Afghanistan and exported goods valued at Rs 493.06 million.

In terms of imports, petroleum products were the highest, with diesel worth Rs 143.97 billion, petrol worth Rs 68.10 billion, and LPG (cooking gas) worth Rs 55.61 billion.

Imports of iron products amounted to Rs 39.03 billion, while smartphones accounted for Rs 28.66 billion in imports.

Likewise, Nepal imported gold worth Rs 23.65 billion.

During the period Nepal exported various goods such as carpets, cardamom, fruit products, and steel items. It exported carpets worth Rs 10.57 billion, and cardamom worth Rs 7.93 billion.

Kakarbhitta, a key transit point in Jhapa of eastern Nepal, exported cash crops including cardamom, tea leaves, ginger, and broom grass worth over Rs 15.33 billion in the fiscal year 2081-82 BS (2023-24).

Likewise, agricultural products valued at more than Rs 18.95 billion were exported to India through Kakarbhitta during the same period.

According to Chandreshwor Yadav, the information officer at Kakarbhitta's Quarantine Office, orthodox tea weighing 11,648 metric tons and valued at Rs 6.98 billion was supplied through Kakarbhitta last fiscal year.

Furthermore, Kakarbhitta recorded the export of 4,510 metric tons of cardamom last fiscal year, valued at over Rs 6.52 billion. Similarly, 9,545 metric tons of broom grass, worth Rs 1.24 billion, were exported.

Ginger is among the significant agricultural products exported from eastern Nepal. It was reported that ginger worth Rs 580 million was exported last fiscal year.

In the third week of March, Lumbini hosted a significant peace conclave, welcoming ambassadors, foreign ministry officials, experts, and honorary consuls from around the world. Jointly organized by the Ministry of Foreign Affairs and the Honorary Consular Corps-Nepal (HCC-N), the event aimed to highlight the essential role of peace in achieving prosperity, both domestically and internationally.

The two-day event, titled “Global Peace for Prosperity,” was held in Lumbini, the birthplace of Buddha. The location underscored the event’s message of peace, compassion, and love for all beings. Organizers emphasized Nepal’s commitment to advocating for peace, believing that a sustainable and secure future can only be achieved through peaceful conflict resolution and enhanced international understanding.

Nepal’s foreign policy focuses on safeguarding sovereignty, territorial integrity, and independence while promoting economic well-being and prosperity. This event contributed to global peace, harmony, and security, aligning with these objectives.

Since its establishment in 2007, HCC-N has actively worked to strengthen diplomatic relations, cultural exchange, and economic cooperation between Nepal and the countries it represents. HCC-N, representing 63 countries from five continents, plays a crucial role in fostering shared prosperity. It serves as an essential arm of the Ministry of Foreign Affairs, enhancing economic diplomacy and seizing emerging opportunities in Nepal.

Gajendra Bahadur Shrestha, Founder Dean of HCC-N and former Honorary Consul General of Sweden, highlighted the proactive role of HCC-N members in linking sending and receiving states, developing business networks, and promoting trade, tourism, and investment opportunities. HCC-N members are pivotal in fostering people-to-people relations, building mutual trust, goodwill, understanding, and cooperation between nations.

Manish Thapa, Honorary Consul of Costa Rica, noted Nepal’s appeal as an investment destination. He emphasized that the Nepali private sector is a hub of collaboration and innovation, with thriving industries in tourism, hospitality, technology, and manufacturing. Nepali entrepreneurs are driving economic growth, embracing international partnerships, and crafting a compelling success story.

The conclave featured an art exhibition by Ujay Bajracharya, a presentation by Sumnima Udas, founder and executive director of the Lumbini Museum Initiative, on leveraging Lumbini’s “Soft Power,” and a presentation by Prof. Naresh Shakya on Buddhist art's influence on Nepalese art. Additionally, Ramesh Adhikari discussed investment opportunities, and Santosh Panta, director of the Nepal Tourism Board, highlighted tourism opportunities in Nepal. Prof. Basant Bidari provided a briefing on important sites in Lumbini, and there was a presentation on the five precepts by venerable Bhikshhu.

Residential envoys from Greece, Mauritius, Indonesia, Mongolia, Serbia, Austria, Bulgaria, and Estonia, along with non-residential ambassadors from the Czech Republic, Tanzania, Slovenia, Cyprus, Ireland, Spain, Latvia, Costa Rica, Poland, the Dominican Republic, and Romania, attended the conclave.

International participants were also briefed on the Lumbini Development Master Plan, as well as ongoing excavation and research at this UNESCO World Heritage Site.

The gold is being traded at Rs 146, 300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 145, 600 per tola.

Similarly, the silver is being traded at Rs 1,790 per tola today.  

Japanese Ambassador to Nepal Kikuta Yutaka paid a courtesy call on Minister for Foreign Affairs Arzu Rana Deuba at the latter's office on Monday.

During the meeting, discussions were held on various matters relating to Nepal-Japan relations, according to the Ministry of Foreign Affairs.

Similarly, Ambassador of the Republic of Korea to Nepal Park Taeyoung also paid a courtesy call on Minister for Foreign Affairs Rana and discussed matters relating to Nepal-Republic of Korea relations.

Prime Minister KP Sharma Oli has pledged during a session of the House of Representatives (HoR) today to address several issues affecting Nepal's financial sector.

Responding to concerns raised by Nepali Congress lawmaker Dhanraj Gurung, the Prime Minister assured the nation of rigorous actions against usury, cooperative fraud, irregularities in microfinance, and the illicit Hundi business.

He underscored the implementation of a risk-based assessment system and rigorous supervision across various sectors including casinos, precious metals transactions, cooperatives, real estate, remittance, and banking. "These measures will help curb corruption and implement the government's policy of zero tolerance against financial misconduct."

Furthermore, the Prime Minister said comprehensive approaches: promotional, preventive, and remedial will be taken to combat corruption effectively. He emphasized the promotion of technology-based service delivery systems to enhance governance across all sectors of the state.

Moreover, Prime Minister Oli stressed the need for strengthening internal control mechanisms within all government agencies. He also announced plans to review and amend the Public Procurement Act and related laws to ensure their effective implementation in accordance with current needs.

He said the Gandaki Economic Triangular Project comprising Bharatpur-Butwal-Pokhara-Muglin-Bharapur route as announced in the budget speech aims to promote the approach of an integrated development.

The project is expected to contribute to the development of industrial, energy, agricultural and tourism sectors, he added.        

He said the bodies concerned have been directed to complete the construction of the Siddhababa Tunnel Way.

Similarly, the government aims to generate 180 megawatts of power from the dam proposed Aandhikhola Reservoir-based Project, and environmental impact assessment for this project has been endorsed, according to the Prime Minister.

Prime Minister KP Sharma Oli said that the Constitution amendment is the need of the hour.

Responding to the queries of lawmakers in the Parliament on Monday, he said that the Constitution amendment is not a bid to please anyone.

Prime Minister Oli expressed his commitment that the Constitution will be amended by holding discussions with all the political parties.

Prime Minister KP Sharma Oli has said that the government is firm that Limpiyadhura, Kalapani and Lipulekh are part of Nepal.

Responding to lawmakers’ queries in the Parliament on Monday, Prime Minister Oli claimed that the Sugauli treaty signed between the then East India Company of British government and Nepal in 2016 also stated that the territory east of Kali river belongs to Nepal.