Foreign trade falls in first five months

By A Staff Reporter,Kathmandu, Dec. 25: The country’s foreign trade has decreased during the first five months of the current fiscal year 2023/24. According to the foreign trade statistics of the Department of Customs, foreign trade has decreased by 3.64 per cent to Rs. 705.41 billion during the first five months of the current fiscal year.

A decline in both exports and imports has contributed to a fall in foreign trade during the review period. Imports have decreased by 3.39 per cent during the first five months of the current fiscal year. Goods worth Rs. 642.20 billion were imported in the review period. The country imported goods worth Rs. 664.74 billion in the same period last fiscal year.

Not only imports but also exports have decreased during the review period. Goods worth Rs. 63.20 billion have been exported in five months of the current fiscal year. Goods worth Rs. 67.30 billion were exported in the first five months of the last fiscal year.

Although exports decreased by 6.09 per cent, there was some improvement in the overall trade deficit in the first five months of the current fiscal year. 

The country faces a trade deficit of Rs. 579 billion. This trade deficit is less by 3.09 per cent compared to the same period last year. 

During the review period, the export has decreased due to a fall in the export of soybean and palm oil.

The country has exported soybean oil only worth Rs. 363 million in the first five months of the current fiscal year while soybean oil worth Rs. 6.98 billion was exported in the first five months of the last fiscal year. Similarly, palm oil worth Rs. 2.47 billion has been exported in the first five months of the current fiscal year while it exported palm oil worth Rs. 10.87 billion during the same period last fiscal year.

During the review period, tea and coffee worth Rs. 1.88 billion, carpet worth Rs. 4.86 billion, yarchhagumba worth Rs. 553 million, dog or cat food worth Rs. 1.18 billion and yarns worth Rs. 4.82 billion were exported.

In the meantime, the import of crude palm and soybean oil has reduced during the first five months of the current fiscal year. The crude palm oil worth Rs. 6.61 billion, crude soybean oil worth Rs. 7.24 billion and sunflower oil worth Rs. 6.83 billion were imported during the review period.

In the first five months of the current fiscal year, petrol worth Rs. 28.55 billion, diesel worth Rs. 53.90 billion, aviation fuel worth Rs. 8.66 billion and liquefied petroleum gas worth Rs. 20.65 billion have been imported.

Similarly, the country imported paddy and rice worth Rs. 8.24 billion, maize worth Rs. 4.95 billion and wheat worth Rs. 4.31 billion.