Despite the adverse situation created by COVID-19 pandemic, Nepal’s export has posted a three-digit growth in the first two months of the current fiscal year 2021/22.
According to the foreign trade statistics of the Department of Customs, export trade has increased by 115.43 per cent to Rs. 44.03 billion in the first two months of the current fiscal year compared to the same period of the last fiscal year 2020/21.
The country exported goods worth Rs. 20.44 billion during the first two months of the last fiscal year.
Goods worth Rs. 20.76 billion were exported in the first month (mid-July to mid-August) of the current fiscal year.
Soybean oil accounted for the largest share of exports during the review period. Soybean oil worth Rs.16.48 billion has been exported in the first two months.
The export of soybean oil has increased by 185 per cent during the review period compared to a year ago. Soybean oil worth Rs. 5.77 billion had been exported in the corresponding period last fiscal year.
Share of soybean oil in the total export stands 37 per cent.
According to the Department of Customs, palm oil is the second most exported commodity after soybean oil. Palm oil worth Rs. 4.83 billion has been exported during the review period.
Carpet worth Rs. 1.50 billion, cardamom worth Rs. 916 million, yarns worth Rs. 2 billion and felt worth Rs. 1.09 billion were exported during the review period.
Similarly, import has also increased by 75.86 per cent to Rs. 314.51 billion during the review period.
Goods worth Rs. 178.84 billion had been imported in the first two months of last fiscal year.
Crude soybean oil accounted for the largest share of import during the review period. Crude soybean oil worth Rs. 15.6 billion has been imported in the first two months.
Diesel worth Rs 13.96 billion, petrol worth Rs. 8.55 billion, LPG worth Rs. 7.99 billion were imported from Indian Oil Corporation during the review period.
Similarly, sugar worth Rs. 2.17 billion, crude palm oil worth Rs. 6.45 billion and crude sunflower oil worth Rs. 3.17 billion were imported during the review period.
Wheat worth Rs. 933 million, maize worth Rs. 3.68 billion and rice worth Rs. 7.08 billion were imported in first two months of the current fiscal year.
Trade deficit up by 70.75%
Owing to increase in import significantly, the nation’s trade deficit has also increased by 70.75 per cent to Rs. 270.47 billion during the review period.
The trade deficit had stood at Rs. 158.40 billion in the first two months of the last fiscal year. During the review period, the foreign trade saw an increase of 79.92 per cent to Rs. 358.55 billion.
The share of export and import in the total trade stands at 12.28 per cent and 87.72 per cent respectively during the review period, the report said.
source : TRN,
