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Nepal faces trade deficit with BD for over a decade

Published : Thursday, 4 April, 2024 at 12:00 AM  Count : 58

Nepal has been facing a trade deficit with Bangladesh for the past one decade.

According to the Mechi Customs Office, the country recorded a trade deficit of around Rs 2.43 billion with Bangladesh in the first eight months of the current fiscal year, said Nepali news portal myRepublica on Tuesday.

The 52-km transit route from the eastern checkpoint at Kakadbhitta to Bangladeshs Banglabandha dry port via Fulbari, India has been used as the shortest and easiest route for trade between Nepal and Bangladesh.

Landlocked Nepal has access to the direct transit route in line with the trilateral agreement between Nepal, India and Bangladesh. It may be noted that the volume of trade through the air route is nominal between the two countries.

Chief Customs Officer at Mechi Customs Office, Ram Prasad Regmi, said Nepal has not been able to balance trade with Bangladesh any year since the fiscal year 2071/72 BS.

According to the Mechi customs office, goods worth Rs 2.59 billion were imported from Bangladesh in the eight months of the current fiscal year. In the same period, goods worth Rs 165.64 million were exported to Bangladesh.

According to the customs data, Nepal suffered trade deficit of Rs 5.18 billion with Bangladesh in the FY 2079/80, Rs 10.38 billion in the FY 2078/79, Rs 6.54 billion in the FY 2077/78, Rs 4.24 billion in the FY 2076/77, Rs 2.44 billion in the FY 2075/76 and Rs 2.44 billion in the FY 2075/76 and Rs 2.44 billion in the FY 2075/76.

Similarly, there was a trade deficit of Rs 2.86 billion in FY 2073/74 and Rs 1.40 billion in FY 2071/72, said the news portal.

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