KATHMANDU, March 19 (Xinhua) — Nepal’s export to China surged by 72 percent during the first seven months of the current fiscal year that began in mid-July 2017, a central bank report revealed.
As the Himalayan country has been struggling to reduce ballooning trade deficit, the rise in exports to China has come as relief to the country which is heavily dependent on remittance for financing most of its imports.
During the seven months, Nepal has witnessed trade deficit of 5.88 billion U.S. dollar, according to the report released by Nepal Rastra Bank (NRB), on Sunday.
According to the report, Nepal exported goods worth 17 million U.S. dollar to China during first seven months of the current fiscal 2017-18, a rise by 72.3 percent over the same period last fiscal year.
Massive rise in the exports of products such as wheat flour, tea, noodles, handicrafts and pashmina resulted overall surge in exports to China, according to the report titled “Current Macroeconomic and Financial Situation.”
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