First Business News Portal in English from Nepal
KATHMANDU: The country’s foreign trade, which had been declining since the lockdown was imposed in March to contain the spread of the coronavirus, has increased in the third month of the current fiscal year 2020/21.
According to the Department of Customs, Nepal conducted foreign trade worth Rs 204.02 billion in the period between mid-September and mid-October while the total trade had stood at only Rs 199.29 billion in the first two months, that is, mid-July to mid-September of the current fiscal.
The volume of trade in between mid-September and mid-October was the highest since the outbreak of the coronavirus pandemic in the country.
From the first month of the lockdown in March, the country’s trade started declining sharply recording transactions worth only Rs 62.20 billion from mid-March to mid-April. The average monthly foreign trade, which stood atRs124.89 billion before the lockdown, also declined sharply to Rs 82.60 after the lockdown.
It was only in the month of mid-September to mid-October, the country witnessed a rise in both imports and exports. The country in the review period made exports worth Rs10.60 billion and imports worth Rs 113.42 billion, which adds up to total trade of Rs 204.02 billion, according to the department.
In the review period, the government had already lifted the lockdown and prohibition order due to which the country saw resumption of many economic activities.
However, Nepal’s trade deficit has reached Rs 261.22 billion from the total foreign trade of Rs 323.40 billion in the first three months of the current fiscal year.
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