Cereals import drops by 46% in first two months of FY 2024/25

By A Staff Reporter,Kathmandu, Oct. 11: The import of cereals has decreased by almost 46 per cent during the first two months of the current fiscal year 2024/25.

According to the trade statistics of the Department of Customs, the country imported cereals worth around Rs. 5.04 billion during the first two months of the current fiscal year 2024/25.

Cereals worth Rs. 9.31 billion were imported during the first two months of the last fiscal year 2023/24.

During the review period, rice and paddy worth Rs. 3.44 billion (paddy worth Rs. 1.49 billion and rice worth Rs. 1.95 billion), wheat worth Rs. 94,000, barley worth Rs. 8.2 million and maize worth Rs. 1.39 billion were imported. 

Similarly, millet worth Rs. 180 million and buckwheat worth Rs. 17.5 million have been imported during the review period.

The import of paddy and rice has dropped by 38.5 per cent and maize by 15 per cent during the review period as compared to same period last fiscal year. 

The country imported paddy and rice worth Rs. 5.6 billion and maize worth Rs. 1.64 billion during the first two months of the last fiscal year.

The import of wheat has decreased drastically – by almost 99 per cent - during the review period.  

Only around 1,000 kg of wheat worth Rs. 94,000 was imported during the review period while the country had imported wheat worth Rs. 2.52 billion during the first two months of the last fiscal year.

However, the import of millet and buckwheat increased significantly during the review period.

The import of buckwheat has increased by 548 per cent to Rs. 17 million during the review period.  Buckwheat worth only Rs. 2.7 million had been imported during the first two months of the last fiscal year.

Similarly, import of millet has increased by 19 per cent to Rs. 180 million. Millet worth Rs. 151 million had been imported during the review period last fiscal year.

The share of cereals to the total import stood at 1.92 per cent during the review period. Goods worth Rs. 262.54 billion were imported during the review period. 

During the review period, the exports have decreased by 5.12 per cent to Rs. 25.09 billion while the import rose by 1.08 per cent.

The country has been spending billions of rupees for the import of cereals to meet the domestic consumption. In the last fiscal year 2023/24, the country imported cereals worth Rs. 45.79 billion.