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By Our Correspondent,Nepalgunj, Feb. 4: The trade deficit from Nepalgunj Customs Office, the largest customs point in western Nepal, has decreased by more than Rs. 9 billion in the first six months of current Fiscal Year 2022/23 compared to the same period last year.

The trade deficit was about Rs. 31.5 billion from mid-July 2022 to mid-January 2023, but the loss was Rs. 9.29 billion less compared to the loss of Rs. 40.86 billion witnessed by the customs office the in the same period last year, according to Dillu Prasad Sharma, Office at the Office.

Sharma said that although the export is very low, the trade deficit is high because the import of petroleum products, food, and raw materials for industry are continuously increasing.

According to the customs office, goods worth only Rs. 996.3 million were exported from the custom point. 

About 97 per cent of the trade loss occurred through this channel alone due to the increase in imports at a higher rate than exports. Compared to import through Nepalgunj, export is only about 3 percent. 

Last year in the same period, goods worth Rs. 41.84 billion were imported and merchandise of Rs. 973 million was exported.

Sharma said that imports have decreased due to the introduction of quota system for sugar and wheat and the restrictions on the import of various goods, including maintaining cash margins while opening a letter of credit for imports of goods. 

The import of petroleum products, refined iron, soybean cake (residue), pulses, etc. through Jamunaha crossing has increased, while the import of rice, sugar, LP gas, potatoes, coal and agricultural machinery has decreased.

According to the data of the last six months, the import of rice through Nepalgunj border has decreased by 52 per cent compared to the same period last year, while sugar has decreased by 56.44 per cent and potatoes by 27.99 per cent.

Likewise, plywood, herbs, rosin, turpentine oil, rittha, ginger, cinnamon, spices, vegetable products have been exported to India and third countries through this border.

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