KATHMANDU: Nepal suffered a staggering Rs 1.78 trillion trade deficit across 134 nations in fiscal year 2025/26, according to new Department of Customs data.

While total foreign trade surpassed Rs 2.4 trillion, a massive Rs 2.096 trillion import bill easily overwhelmed the country’s modest Rs 315 billion in exports, leaving Nepal with a trade surplus in just 28 nations.

The overwhelming majority of this imbalance remains concentrated among a few key trading partners.

India topped the list with an Rs 951 billion deficit, followed by China at Rs 423 billion and Argentina—driven largely by edible oil imports—at Rs 116 billion.

Meanwhile, Nepal’s rare trade surpluses were mostly limited to small European and island nations like Denmark (Rs 804.5 million surplus), Norway, and Fiji, primarily due to minimal or zero recorded imports from those countries.