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Nepal Exports Commodities Valued At Rs. 100 Billion Over An Eight-Month Period


Published Date: March 26, 2024
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Both imports and exports have witnessed a decline during the first eight months of the current fiscal year 2023/24. According to trade statistics made public by the Department of Customs on Tuesday, the country's exports have declined by 3.99 per cent during the first eight months of the current fiscal year compared to the same period of last fiscal year 2022/23. Goods worth only Rs. 100.61 billion have been exported during the review period of the current fiscal year while the country exported goods worth Rs. 104.79 billion in the corresponding period last fiscal year.  The country exported goods worth Rs. 157 billion in 2022/23. However, Nepal’s export trade had set a historic record in the fiscal year 2021/22. The country exported goods worth Rs. 200.03 billion during that period, a record-high export of Nepal so far. 

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Trade Decline in First Four Months

In the meantime, crude palm oil worth Rs. 10.22 billion, crude soybean oil worth Rs. 9.31 billion and sunflower oil worth Rs. 12.03 billion have been imported during the review period. The country has spent Rs. 25 billion for the import of cereals, including paddy and rice, wheat, maize and millet during the review period. Trade imbalance shrinks Decline in both exports and imports has contributed to a fall in foreign trade during the review period. The country's foreign trade has decreased significantly during the first four months of the current fiscal year 2023/24. According to the Department of Customs, foreign trade has decreased by 2.78 per cent to Rs. 1130.84 billion during the first eight months of the current fiscal year.

Owing to declines in exports as well as imports, there was some improvement in the overall trade deficit. The country faces a trade deficit of Rs. 929.60 billion. The trade deficit is 2.52 percent less than the same period last year. The country faced a trade deficit of Rs. 953.58 billion during the first eight months of the last fiscal year. During the review period, the ratio of import and export stood at 1: 10.24 while the ratio was 1: 10.10 during the same period in fiscal year 2022/23. The contribution of exports and imports to the total trade is 8.90 and 91.10 per cent respectively.

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