Nepal Economic Digest (Sept 29, 2020)


September 29, 2020


Nepal Economic Digest (Sept 29, 2020)
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KATHMANDU: Economic Digest, a daily morning email digest, is basically a relatable summation of important business news from Nepal into easy-to-understand summaries.

Nissan announces special offer for Dashain, Tihar and Chhath

Pioneer Moto Corp Pvt. Ltd., the authorized distributor of Nissan in Nepal, has announced “Nissan Dhamakedar Dashain, Tihar and Chhath Offer” during the festivals and have offered exciting prizes to its customers.

The festive offer especially aims to lighten the festival season despite these tough times by offering 0% Down payment and free EMI up to 9 months or huge cash discount up to 20 lakhs on purchase of any Nissan Cars.

There is also a special offering of Redmi Note 9 Pro Max phone worth NRs. 35,999 for customers purchasing Nissan Car.

Along with that customers can avail accessories worth NRs. 50,000, 1 year free insurance, up to 10 years of financing, Bosch High Pressure washer, 3 years warranty & servicing, Loyalty bonus and spot exchange facility, and Exchange Bonus up to Rs 25000.

The offer will be valid till Chhath while the offer is available in across all Nissan Dealers.

As China obstructs border route, Nepali traders bring goods via India

With the arrival of major festivals of Nepalis, traders and entrepreneurs are worried that they are not able to bring goods from China due to the border obstruction by the Chinese side.

Although most of the goods ordered for Teej festivals in August have arrived, the goods ordered for major festivals such as Dashain, Tihar and Chhat have not arrived yet.

Traders complain the late arrival of the goods have caused a double loss as the main seasons to see the rise in trade transactions will come to an end with the end of Dashain and Thar.

According to them, the goods and supplies ordered from China have to be diverted to ship and Indian ports as the festivals are coming closer.

First affected by the sudden outbreak of coronavirus pandemic, and later by the landslide on either side of the border, the imported goods are either channeled to Nepal via ships and Indian ports or left remain in the border for some more time.

Ready-made garments, shoes, slippers, electronics, cosmetics and many more most consumed goods and items are imported from China most of the time, but the disturbance caused first by coronavirus pandemic outbreak and later by the landslides on either sides of border.

Nepal, Oman to sign labour agreement

Ambassador of Nepal to Oman Sharmila Parajuli Dhakal paid a courtesy call on Labour Minister of Oman Dr  Mahad bin Saeed bin Ali Baouin at the latter’s office.

On the occasion, both of them praised the progress made so far in the labour agreement to be signed between the two countries.

They also expressed commitment to move ahead collaborating with each other in days ahead, according to a press release issued by the Embassy of Nepal in Muscat.

The Omani Labour Minister shared that Oman is willing to make further collaboration in order to increase the number of Nepali workers there.

Nepal’s trade deficit declines by one fourth in first two months of current fiscal year

Nepal’s trade deficit during the period of mid-July to mid-September declined by 24.93 percent, significantly lowering the import expenses.

Records maintained by the Department of Customs show that the country’s imports in the first two months of the current fiscal year declined by 22.07 percent to Rs 178.84 billion. During the same period last year, imports fell by 1.22 percent.

According to the officials of the Ministry of Industry, Commerce and Supplies, the notable fall in imports this year was due to the import restriction measures and lockdowns enforced by the government.

The exports on the other hand increased by 10.49 percent to Rs 20.44 billion. With an improvement in the trade position, the imports to exports ratio fell sharply to 8.75 from 12.40 earlier.

It means that Nepal is now importing goods worth Rs 8.75 for every export of Re 1. The decrease in the consumption of fossil fuels was seen as a major contributor to the downfall of the country’s total imports expenses.

With the restrictions in vehicular movement during the lockdown, the country’s expense on petroleum products fell almost to one-third.

Compiled and prepared by Nitish Lal Shrestha)

Nepal Economic Digest is a daily morning email digest, basically relatable summations of the most important business news, happenings from Nepal into easy-to-understand summaries.

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