Nepal's foreign trade reached a new milestone in the fiscal year 2082/83, with total trade surpassing NPR 24.41 trillion, according to the latest data released by the Department of Customs.

Imports increased by 16 percent year-on-year to a record NPR 20.96 trillion, marking the highest annual import value in the country's history. In the previous fiscal year, imports stood at NPR 18.04 trillion.

Exports also recorded healthy growth, rising 13.81 percent to NPR 315.29 billion. This is the first time Nepal's annual exports have crossed the NPR 300 billion mark, compared to NPR 277 billion in FY 2081/82.

Despite the export growth, Nepal's trade deficit widened by 16.63 percent to NPR 17.81 trillion due to significantly higher imports. The trade deficit was NPR 15.27 trillion in the previous fiscal year.

Nepal conducted trade with 162 countries during the fiscal year, but maintained a trade surplus with only 25 of them.

Fuel remained the country's largest import category, totaling NPR 386 billion. This included NPR 172 billion worth of diesel, NPR 77.26 billion of petrol, NPR 60 billion of liquefied petroleum gas (LPG), and NPR 26.64 billion of aviation fuel.

Other major imports included NPR 132 billion worth of crude soybean oil, NPR 86 billion of steel and iron, NPR 48 billion of smartphones, NPR 29 billion of medicines, and NPR 26 billion of gold.

On the export side, refined soybean oil remained Nepal's top export product, generating NPR 128.74 billion. Other leading exports included carpets (NPR 10 billion), sunflower oil (NPR 8.94 billion), palm oil (NPR 6 billion), felt products (NPR 5.75 billion), and yarn (NPR 5.42 billion).