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Tuesday, October 26, 2021
    Nepal Breaking NewsBusinessTrade Deficit with Bangladesh is going up

    Trade Deficit with Bangladesh is going up

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    In comparison to exports, imports from Bangladesh to Nepal increased in the preceding fiscal year. According to the Mechi Customs Office, Nepali commodities of Rs. 67.38 million were sold to Bangladesh, while worth Rs. 7 billion 157 million were imported into Nepal in fiscal year 2077/78.

    According to data from the previous fiscal year, BangladeshR7;s trade imbalance was Rs. 6 billion 483 million, according to top customs official Dhruva Bishwokarma. Every year, imports from Bangladesh increase while exports from Nepal decrease.

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    In the fiscal year 2076/77, the with Bangladesh was Rs. 3 billion 999 million. Exports of agro products from Nepal to Bangladesh were high until the financial year 207/72, but they fell the following year as the Bangladesh government imposed customs duties on such products from Nepal.

    According to customs data, Nepal exports agro products such as basic pulses and medicinal herbs to Bangladesh, whereas Nepal imports equipment, apparel, medications, plastic goods, potatoes, batteries, and other items.

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    The checkpoint of Kakarbhitta is around 80 kilometers away from Bangladesh. However, commodities must be transported through India, which is located in the middle. Nepal-Bangladesh trade, the Fulbari-Banglaband transit is employed.

    Meanwhile, Rishi Timalsina, president of the Mechi Chamber of Commerce and Industry, said the Nepalese government could address the subject of rising customs duties on agro products from Nepal in order to reduce the trade gap between the two nations.

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