KATHMANDU: The country’s foreign trade has increased 59.8 percent in the ten months of the running fiscal.

According to macroeconomic and financial report released on Friday by Nepal Rastra Bank, foreign trade has increased 59.8 percent till mid-May 2021/22.

“Merchandise exports increased 59.8 percent to Rs 173.35 billion during the period,” the report said. It is an increase of 32.2 percent compared to the same period of the previous year.

The report containing data till mid-May, 2021/22, stated that destination-wise, exports to India and other countries increased 72.9 percent and 25.6 respectively whereas exports to China decreased 24.9 percent.

Exports of palm oil, soyabean oil, polyester yarn and thread, woolen carpets, oil cakes, among others, increased whereas exports of cardamom, tea, medicine (ayurvedic), toothpaste, wire, among others, decreased in the review period.

On the other hand, imports, during the ten months period, increased 28.0 percent to Rs 1604.65 billion which is an increase of 22.3 percent compared to a year ago.

Destination-wise, imports from India, China and other countries increased 22.0 percent, 23.8 percent, and 49.9 percent respectively.

Imports of petroleum products, medicine, crude palm oil, gold, other machinery and parts, among others, increased whereas imports of M.S. billet, chemical fertilizer, cement, pulses, rice/paddy, among others, decreased in the review period.

The export-import ratio has increased to 10.8 percent in the first ten months of running fiscal from 8.6 percent in the corresponding period of the previous year.

Based on customs points, exports from Kanchanpur and Mechi Customs Office decreased whereas exports from all the other major customs points increased in the review period.

On the import side, imports from all the major customs points increased in the review period.

Merchandise imports from India by paying convertible foreign currency amounted to Rs 183.94 billion. Such amount was Rs 155.08 billion in the same period of the previous year.