KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
In the past fiscal year, Nepal imported goods worth Rs 65.22 billion from China through the Rasuwagadhi customs point, including vehicles, garments, and food items, leading to a significant trade deficit as exports totaled only Rs 1.96 billion.
Additionally, Nepal exported wooden goods worth Rs 2.96 billion to India, with plywood and veneer being major items.
The economic downturn from the COVID-19 pandemic has led to 236 business closures in Parbat, outweighing new registrations.
Meanwhile, Manang exported 32.5 kgs of Yarsagumba, generating Rs 1.65 million in revenue, with around 200 collectors involved.
Nepal imports goods worth Rs 65 billion from China
In the past fiscal year, Nepal imported goods valued at Rs 65.22 billion from China via the Rasuwagadhi customs point.
The range of imported items included vehicles, ready-made garments, rubber products, shoes, sandals, handbags, hosiery, raw materials for footwear, apples, garlic, and more.
Specifically, Nepal imported 7,377 Chinese vehicles, such as buses, cars, tricycles, and vans, totaling over Rs 19.57 billion for the fiscal year 2080/081 BS.
In comparison, exports from Nepal through the Rasuwagadhi customs point were much lower, totaling only Rs 1.96 billion, resulting in a considerable trade deficit with China.
Nepal’s main exports included copper utensils, carpets, noodles, zinc sheets, aluminum products, woolen shawls, and ready-made clothes.
Additionally, the Customs Office reported depositing Rs 20.36 billion into the state treasury, which encompassed customs duties, penalties, and VAT collected during the fiscal year 2080/081 BS.
Nepal exports plywood and veneer worth Rs 3 billion to India
In the fiscal year 2023/24, Nepal exported 99,801 metric tons of wooden goods, including plywood and veneer, worth Rs 2.96 billion to India.
Plywood production primarily involves fast-growing trees like the uttis (Alder tree) planted in the farmlands of the eastern hills in Nepal.
Veneer wood, which is produced from wooden boards, is processed to make plywood used for furniture and other wooden items.
According to Chandreshwar Yadav, the information officer at the Plant Quarantine Office Kakarvitta, 21,994 metric tons of veneer, valued at Rs 241 million, were exported to India during this period.
236 industries shut down in Parbat due to economic recession
The economic recession following the COVID-19 pandemic continues to impact the industrial sector in Parbat.
The number of business closures has surpassed new registrations in the last financial year.
In the fiscal year 2023/24, a total of 195 industries and business firms were registered in the district, while 236 businesses shut down during the same period.
According to the Office of Tourism and Industry, there were 3,426 industries and 3,275 commercial firms operating in Parbat in the fiscal year 2022/23.
By the end of 2023/24, only 3,413 industries and 3,247 commercial firms remained, with 47 industries closing in just one year.
32 kgs of Yarsagumba exported from Manang
The collection of Yarsagumba, also known as Cordyceps sinensis, has been completed in the lower regions of Manang.
This season, a total of 32.5 kgs of Yarsagumba has been exported from the area.
Dhak Bahadur Bhujel, Head of the Annapurna Conservation Area Project (ACAP) unit in Manang, reported that revenue amounting to Rs 1.65 million was collected from the export.
A fee of Rs 51,000 per kg was charged for the export of Yarsagumba.
Around 200 people acquired permits to collect Yarsagumba from the Namke area in the district.
Forex: US dollar remains at an all-time high
The US dollar remains at an all-time high, according to the Nepal Rastra Bank’s foreign currency exchange rates for Sunday.
The buying rate for 1 US dollar is set at 133.67 rupees, and the selling rate is 134.27 rupees, unchanged from yesterday.
Other currency rates include 1 Euro at 145.11 rupees (buying) and 145.76 rupees (selling), 1 British pound at 171.97 rupees (buying) and 172.75 rupees (selling), 1 Australian dollar at 87.66 rupees (buying) and 88.05 rupees (selling), 1 Kuwaiti dinar at 436.94 rupees (buying) and 438.91 rupees (selling), and 1 Bahraini dinar at 354.57 rupees (buying) and 356.16 rupees (selling).
(Compiled and prepared by Srija Khanal)
Economic Digest is a daily morning economic digest, basically relatable summations of the most important business news, and happenings from Nepal into easy-to-understand summaries.
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