Kathmandu, Nov. 2 -- Nepal's trade deficit in the first quarter amounted to Rs307 billion, down 12.02 percent year-on-year.

According to the latest Foreign Trade Statistics published by the Department of Customs, export earnings between mid-July and mid-October totalled Rs27.16 billion, up 14.41 percent year-on-year. During the same period, Nepal imported goods worth Rs334.9 billion, recording a year-on-year drop of 10.34 percent.

This is the third straight month imports have fallen and export earnings have swelled. The overall trade volume fell to Rs362.11 billion from Rs397.33 in the corresponding period last year, indicating slowed consumer spending amid the festival season.

Trade analysts attributed the decrease in the trade defici...