Thursday, 25 February, 2021
logo
BUSINESS

Import increases



import-increases
File Photo

By A Staff Reporter
Kathmandu, Feb. 21: Imports of foreign goods have increased with declined impact of the COVID-19.
According to the foreign trade statistics made public by the Department of Customs, imports have increased by 0.1 per cent to Rs. 803.64 billion during the first seven months (mid-July to mid-February) of the current fiscal year compared to same period last fiscal year.
In the same period of the last fiscal year, the country imported goods worth Rs. 803.6 billion.
Similarly, domestic goods worth Rs. 69.91 billion have been exported during the review period. Exports have increased by 7.61 per cent compared to the same period last year. In the same period of the last fiscal year, the country exported goods worth Rs. 64.97 billion.
According to the data, the trade deficit has improved by 0.66 per cent this year.
Nepal has faced a trade deficit of Rs. 733.72 billion from foreign trade of Rs. 873.56 billion during the review period.
Despite the increase in imports, its contribution to total trade also decreased from 92.52 per cent to 92 per cent during the review period.
The share of imports in foreign trade was 92 per cent and the share of exports was 8 per cent.
In the month of Magh (mid-January to mid-February) alone, imports have increased by 31 per cent than same period last year. Imports stood at Rs. 142.39 billion in the month of Magh while it was Rs. 108.90 billion in the same period last year.
According to the report, the import of foreign goods was Rs. 85.80 billion in Shrawan - the first month of the current fiscal year, Rs 93.40 billion in Bhadra and Rs. 113.43 billion in Ashoj.
Similarly, foreign imports amounted to Rs. 110.22 billion in the month of Kartik, Rs. 123.10 billion in Mangsir and Rs. 135.74 billion in Poush. Petroleum products worth Rs. 74.68 billion have been imported during the review period.
Diesel worth Rs. 39.70 billion, petrol worth Rs. 15.96 billion, cooking gas worth Rs. 17.26 billion and aviation fuel worth Rs. 1.76 billion have been imported during the review period.
Iron and steel used in the construction sector worth Rs. 80.24 billion and vehicles worth Rs. 53.25 billion were also imported during the period.
Electronics goods worth Rs. 63.21 billion were imported during the period.
Soybean oil accounted for the largest share of exports during the review period. Soybean oil worth Rs. 19.59 billion has been exported in the last seven months.
Similarly, cardamom is one of the highest exported commodities. According to the Department of Customs, cardamom is the second most exported commodity after soybean oil. Cardamom worth Rs. 4.24 billion has been exported during the review period.
Carpet, yarn, black tea, ginger and handmade paper worth Rs. 4.17 billion, Rs. 3.92 billion, Rs. 2.76 billion, Rs. 30 million, Rs. 193 million respectively were exported during the review period.
Nepal conducted foreign trade with more than 148 countries during this period.
Nepal has the largest volume of foreign trade with India. That is why the trade deficit is higher with the same country. According to statistics, the country imported goods worth Rs. 531.92 billion from India in the last seven months.
Exports during the review period stood at Rs. 49.93 billion. It has seen a trade deficit of Rs. 482.01 billion with India.
During the review period, goods worth Rs. 116.12 billion were imported while commodities worth Rs. 550 million were exported to China.
Trade with China accounted for deficit of Rs. 115.56 billion. Goods worth Rs. 7 billion were exported to the US, and Rs. 9.45 billion worth of goods were imported. 

How do you feel after reading this news?