KATHMANDU, July 10 (Xinhua) -- Nepal's trade with China increased significantly during the past 11 months of the current fiscal year, though its overall foreign trade went down during the period, the central bank of Nepal announced on Wednesday.

While the exports to China surged by 57.7 percent to 2.4 billion rupees (18 million U.S. dollars), Nepal's imports from the northern neighbor grew by 34.8 percent to 272.81 billion rupees (2.04 billion dollars), according to Nepal Rastra Bank figures.

During the last 11 months of 2023-24 ending in mid-July, Nepal's total exports decreased year-on-year by 3 percent to 139.26 billion rupees (1.04 billion dollars) and the imports declined by 1.8 percent to 1,453.7 billion rupees (10.9 billion dollars), the bank said in a financial report.

Meanwhile, Nepal's exports and imports from India during the period dropped by 4.5 percent and 3.1 percent, respectively.

The trade deficit for Nepal remained high at 1,314.44 billion rupees (9.8 billion dollars), though it marked a reduction of 1.7 percent year-on-year, the central bank said.

The bank reported a rise in foreign exchange reserves by 27.8 percent to 1,967.19 billion rupees (14.7 billion dollars) in mid-June, up from 1,539.36 billion rupees (11.5 billion dollars) over the same period of 2022-23.

Similarly, the inflow of remittances to Nepal in the past 11 months of 2023-24 rose by 19.3 percent to 1,327.51 billion rupees (9.9 billion dollars), the bank said. Enditem

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