In the first two months of the current fiscal year, remittance inflow has increased in Nepal by approximately 20 percent. In mid-July (Shrawan) and mid-August (Bhadra), remittances worth 187.4 billion rupees entered Nepal.
Nepal Rastra Bank (NRB), on Friday, published a report ‘Current Macroeconomic and Financial Situation of Nepal (Based on Two Months’ Data Ending Mid-September, 2022/23)’, which shows 19.8 increase compared to the same period of the previous year.
The report also showcased that the merchandise exports decreased 34.9 percent to Rs.28.68 billion during the first two months of 2022/23, as against an increase of 115.4 percent in the same period of the previous year.
The exports to India and China decreased by 45.2 percent and 21.6 percent respectively, whereas exports to other nations increased by 13.2 percent.
The review period of the report showed that the exports of zinc sheets, woolen carpets, particle board, readymade garments, and medicine (ayurvedic) increased whereas exports of soybean oil, palm oil, oil cakes, cardamom, and toothpaste decreased.
During the two months of 2022/23, merchandise imports decreased 13.0 percent to Rs.273.60 billion against an increase of 75.9 percent a year ago.
Imports in general have decreased in the review period as imports from India, China, and other countries decreased by 9.5 percent, 13.3 percent, and 20.7 percent, respectively.
Imports of petroleum products, chemical fertilizer, sponge iron, medicine, aircraft & spare parts, among others, increased and imports of transport equipment & parts, silver, crude soybean oil, hot rolled sheet in coil, M.S. billet, among others, decreased in the review period.
In the first two months of 2022/23, the total trade deficit decreased by 9.4 percent to Rs.244.92 billion. Such a deficit had increased by 70.8 percent in the corresponding period of the previous year. The export-import ratio decreased to 10.5 percent in the review period from 14.0 percent in the corresponding period of the previous year.
During the two months of 2022/23, merchandise imports from India by paying convertible foreign currency amounted to Rs.26.23 billion. The amount was Rs.36.27 billion in the same period of the previous year.
