Trade deficit stands at Rs. 1,440 bn, export limited to Rs.152 bn

Kathmandu, July 23:The country’s foreign trade has shrunk marginally in the last fiscal year 2023/24.

According to annual trade statistics for the fiscal year 2023/24 made public by the Department of Customs on Monday, foreign trade has decreased by 1.33 per cent to Rs. 1,745.36 billion during last fiscal year as compared to previous fiscal year 2022/23.

Decline in the both exports and imports have contributed to a fall in foreign trade during the fiscal year.

Imports decreased by 1.16 per cent during the last fiscal year. Goods worth Rs. 1,592.98 billion were imported in the review period. The country imported goods worth Rs. 1,611.73 billion in the previous fiscal year 2022/23.

Not only imports but also exports decreased. Goods worth Rs. 152.38 billion were exported over the last fiscal year while goods worth Rs. 157.14 billion were exported in the fiscal year 2022/23.

Although exports decreased by 3.03 per cent, there was some improvement in the overall trade deficit in the last fiscal year. 

The country faces a trade deficit of Rs. 1,440.60 billion. This trade deficit is 0.96 per cent lower than the previous fiscal year.

Export of soybean, palm oil drops drastically 

Similarly, the export of soybean oil has decreased significantly due to decrease in its import which contributed to decline in overall export in the last fiscal year.

Soybean oil worth Rs. 902 million had been exported during the last fiscal year while it was Rs. 8.47 billion in the previous fiscal year. 

Palm oil worth Rs. 6.33 billion and sunflower oil worth Rs. 163 million had been exported during the review period. 

The export of soybean oil decreased almost by 90 per cent, palm oil by 68 per cent and sunflower oil by 60 per cent during the review period.

The country had exported palm oil worth Rs. 20.50 billion and sunflower oil worth Rs. 441 million in the fiscal year 2022/23.

During the review period, the country exported cement and clinker worth Rs. 3.85 billion, tea and coffee worth Rs. 3.77 billion, yarchhagumba worth Rs. 701 million, cardamom worth Rs. 7.9 billion, carpet worth Rs. 11 billion and garment worth Rs. 9 billion.

Meanwhile, crude soybean oil worth Rs. 13.44 billion, crude palm oil worth Rs. 13.02 billion and sunflower oil worth Rs. 17.83 billion had been imported during the review period.

The crude soybean oil worth Rs. 35.58 billion, palm oil worth Rs. 25.91 billion and sunflower oil worth Rs. 18.04 billion were imported during the fiscal year 2022/23.

In the last fiscal year, petrol worth Rs. 68.10 billion, diesel worth Rs. 143.97 billion, kerosene worth Rs. 1.33 million, aviation fuel worth Rs. 20.78 billion and liquefied petroleum gas worth Rs. 55.61 billion had been imported. 

Petrol worth Rs. 66.84 billion, diesel worth Rs. 153.76 billion, aviation fuel worth Rs. 20 billion and liquefied petroleum gas worth Rs. 58.15 billion were imported in the previous fiscal year 2022/23.

During the review period, the country imported about 11,700 four-wheeler electric vehicles worth Rs. 29.5 billion.

The country imported cereals, including maize, paddy and rice and wheat worth Rs. 45.8 billion during the last fiscal year.