Cereals import drops by 15% in nine months of FY 2023/24

By A Staff Reporter,Kathmandu, May 5: The import of cereals has decreased significantly during the first nine months of the current fiscal year 2023/24.

According to the trade statistics of the Department of Customs, food imports have decreased by 15 per cent in terms of monetary value during the first nine months of the current fiscal year 2023/24 as compared to the same period last fiscal year 2022/23.

Similarly, in terms of quantity, the import of cereals has decreased by 19 per cent during the review period as compared to corresponding period last year.

During the review period, about 789,962 tonnes of cereals worth Rs. 37.14 billion have been imported. The country imported about 972,629 tonnes of cereals worth Rs. 43.61 billion in the first nine months of the last fiscal year. 

Significant fall in the import of paddy and rice has contributed to decrease overall fall in cereals import during the review period. The import of paddy and rice has dropped almost by 40 per cent during the review period as compared to the same period last year.

About 334,279 tonnes of paddy and rice worth Rs. 17.63 billion has been imported during the first nine months of the current fiscal year. In the first nine months of the last fiscal year, about 636,252 tonnes of paddy and rice worth 29.19 billion had been imported in the first nine months of the last year.

Due to the increase in paddy production this year, the import of rice and paddy has decreased during the review period. The Ministry of Agriculture and Livestock Development has estimated that around 5.724 million tonnes has been produced this year.

However, the import of wheat has also increased significantly during review period year as compared to the same period last fiscal year. The country imported 191,621 tonnes of wheat worth Rs. 7.8 billion during the review period.  

The import of wheat increased by 360 per cent during the review period as compared to the same period last fiscal year. Only 41,682 tonnes of wheat worth Rs. 1.83 million had been imported during the first nine months of the last fiscal year.

In the meantime, the import of maize has decreased by 8 per cent during the first nine months of the current fiscal year as compared to the same period last year.

The country has imported 250,231 tonnes of maize worth Rs. 10.88 billion during the review period. About 280,106 tonnes of maize worth Rs. 11.94 billion had been imported in the same period last fiscal year.

Likewise, 511 tonnes of buckwheat worth Rs. 34 million, 12,240 tonnes of millet worth Rs. 603 million and 563 tonnes of barley worth Rs. 22 million have been imported during the review period.