Country sees trade deficit of Rs 900 billion

Posted on: August 18, 2017 | views: 120

The Ministry of Commerce has said the  country  suffered trade deficit of about Rs 909 billion in the last fiscal year. According to the information provided by the ministry, the trade deficit with India has crossed 600 billion rupees while the trade deficit with China stands at Rs 128 billion .

Similarly, the country has trade deficit of Rs 182 billion with other countries. 

The stakeholders have said that the trade deficit is increasing year by year for lack of promotion and marketing of exports goods. 

At a meeting of the Industry, Commerce and Consumer Rights Protection Committee of the Legislature Parliament held yesterday, the lawmakers said that the picture of country's trade deficit was depressing and suggested a strategic plan to reduce the widening trade deficit. 

On the occasion, Minister for Commerce Min Bahadur Bishwakarma said that the matter of trade deficit which equals to country's annual budget is unfortunate. 

Nepal is a voracious  importer as a result of lack of industries in the country.  The country mainly imports Petroleum products, iron, steel, gold and other products including food items worth around Rs 100 billion, every year.