Nepal’s exports to China surged four-fold in current fiscal
IANS: Nepal’s exports to China have surged four-fold over the first four months of the current fiscal year, Xinhua reported Thursday. However, the surge in exports remains insignificant compared to the country’s imports from the northern neighbour resulting in huge trade deficit for Nepal.
Trade and Export Promotion Centre (TEPC) statistics show that exports to China surged from Rs240 million to Rs980 million in the corresponding last year.
Handicraft items like metal crafts, pashmina and woollen products along with edibles including wheat flour, noodles and chocolates are among the major exports to China.
During the same period, the country imported goods worth Rs24.76 billion that led to the swelling of Nepal’s trade deficit with China to Rs23.78 billion. Traders here are hopeful that exports to China would rise further once the proposed dry port at Larcha comes into operation.
The port’s construction got underway last week after commerce secretary Lalmani Joshi and Chinese Ambassador Yang Houlan laid the foundation stone at the project site.