Goods worth Rs. 1,383.36 billion were imported during the first 11 months of the current fiscal year.
According to the foreign trade statistics made public recently by the Department of Customs, imports increased by 25.67 per cent to Rs. 1,383.36 billion during the first 11 months (mid-July to mid-June) of the current fiscal year compared to the same period last fiscal year.
During the same period last year, Nepal imported goods worth Rs. 1,100.81 billion. Likewise, Nepal’s export trade reached Rs. 121.25 billion during the review period. Exports increased by 37.78 per cent compared to the same period last year. The country had exported goods worth Rs. 88 billion in the corresponding period last fiscal year.
Although there has been a significant increase in exports, the country’s trade deficit has widened further. Nepal’s trade deficit has reached Rs. 1,262.11 billion during the review period, which is higher by 24.61 per cent compared to the same period last year.
The contribution of imports to the total trade has decreased from 92.60 per cent to 91.94 per cent during the review period. The share of imports in foreign trade has been 92.60 per cent while the share of exports is 7.40 per cent.
Import of goods has remained high even after the government imposed restriction order to control COVID-19. Goods worth Rs. 142.72 billion have been imported in the month of Baishak (mid-April to mid-May) while in the month of Jestha (mid-May to Mid-June) goods worth Rs. 129.25 billion were imported.
Likewise, goods worth Rs. 13.72 billion were exported in the month of Baishak (mid-April to mid-May) and the export amounted Rs. 12.72 billion in the month of Jestha (mid-May to mid-June) this year.
According to the statistics of the department, total foreign trade has also increased. The country’s foreign trade has reached Rs. 1,504.61billion during the review period which is 26.56 per cent more than the previous year.
As of mid-June last year, the foreign trade was Rs. 1,188.81 billion. Among the imported goods, diesel topped the list in the first eleven months of the current fiscal year followed by cooking gas, petrol and vehicles, according to the Department of Customs.
Diesel worth Rs. 79.45 billion was imported while cooking gas worth Rs. 33.15 billion and petrol worth Rs. 28.80 billion were imported during the review period. The country imported crude soybean oil worth Rs. 44.62 billion, crude palm oil worth Rs. 6.41 billion and crude sunflower oil worth Rs. 13.63 during the review period.
Similarly, rice, including paddy worth Rs. 48.14 billion, maize worth Rs. 14.48 billion were imported during the period. A significant increment in the export of soybean oil, carpet and cardamom has contributed to the overall increase in export during the review period.
Soybean oil worth Rs 42.34 billion were exported during the review period, which is 318 per cent higher than the export of the same period last year. Soybean oil worth Rs. 10.12 billion was exported same period last year. The share of soybean oil to the total export trade of the country was 34.91 per cent during the review period.
Likewise, the country exported cardamom worth Rs. 6.69 billion, tea and coffee worth Rs. 3.65 billion, felt worth Rs. 3.5 billion and carpet worth Rs. 6.15 billion during the review period.
Source : TRN,
