Nepal imports worth Rs. 1,453bn against export of Rs. 139bn

Kathmandu, June 22: Nepal imported goods worth Rs. 150 billion in a month.

According to the trade statistics made public by the Department of Customs on Friday, goods worth Rs. 150.35 billion were imported from May 14 to June 14 of the current fiscal year. 

The country imported goods worth Rs. 1,453.70 billion during the first 11 months of the current fiscal year 2023/24. 

Goods worth Rs. 1,303.35 billion were imported during the first 10 months of the current fiscal year. In the meantime, the country exported goods Rs. 13.09 billion in a month from May 14 to June 14.

Likewise, in the first 11 months of the current fiscal, Nepal exported goods worth Rs. 139.26 billion.

According to the report, the country's foreign trade has decreased marginally during the first 11 months of the current fiscal year 2023/24. Foreign trade has decreased by 1.95 per cent to Rs. 1,592.96 billion during the first 11 months of the current fiscal year.

Decline in both exports and imports contributed to a fall in foreign trade.

Imports have decreased by 1.84 per cent during the first 11 months of the current fiscal year. The country imported goods worth Rs. 1,480.98 billion in the same period last fiscal year.

Not only imports but also exports have decreased. Goods worth Rs. 143.58 billion were exported in the first 11 months of the last fiscal year while this year goods worth Rs. 139.26 billion have been exported. 

Although exports decreased by 3.01 per cent, there was some improvement in the overall trade deficit in the first 11 months of the current fiscal year. 

The country faced a trade deficit of Rs. 1,314.44 billion. This trade deficit is 1.72 percentage point less than the same period last year. 

The country's trade deficit was Rs. 1,337.39 billion during the first 11 months of the last fiscal year 2022/23.

During the review period, the ratio of import and export stood at 1:10.44 while it was 1:10.31 during the same period last fiscal year. The share of exports to the total trade has dropped by 1.09 per cent during the first 11 months of the current fiscal year as compared to same period last fiscal year.

During the review period, the share of exports and imports to the total trade was 8.74 and 91.27 per cent respectively. 

In the first 11 months of the last fiscal year, the contribution of exports and imports to the total foreign trade was 8.84 and 91.16 per cent respectively.

Similarly, the export of soybean oil and palm oil has decreased significantly due to reduction in import which contributed to decline in overall export during the first 11 months of the current fiscal year. Soybean oil worth Rs. 875 million was exported during the first 11 months of the current fiscal year while the amount was Rs. 8.47 billion in the last fiscal year. 

Palm oil worth Rs. 6.31 billion and sunflower oil worth Rs. 160 million were exported during the review period. 

The country exported palm oil worth Rs. 19.54 billion and sunflower oil worth Rs. 400 million during the first 11 months of the last fiscal year.

During the review period, the country exported cement and clinker worth Rs. 3.65 billion, tea and coffee worth Rs. 3.29 billion, carpet worth Rs. 9.76 billion and cardamom worth Rs. 7.47 billion.

Meanwhile, crude soybean oil worth Rs. 13.02 billion, crude palm oil worth Rs. 12.42 billion and sunflower oil worth Rs. 15.68 billion were imported during the review period. In the first 11 months of the current fiscal year, petrol worth Rs. 62.87 billion, diesel worth Rs. 129.02 billion, kerosene worth Rs. 1.19 million, aviation fuel worth Rs. 19.47 billion and liquefied petroleum gas worth Rs. 51.07 billion have been imported. 

Similarly, the country has imported maize worth Rs. 14.08 billion, rice and paddy worth Rs. 21.13 billion and wheat worth Rs. 8 billion during the review period. During the review period, electric vehicles, including three-wheelers worth Rs. 30 billion were imported.