KATHMANDU: Nepal’s foreign trade increased significantly in the first month of the current fiscal year 2083/84, with total trade rising by 35.44 percent compared with the same period last year, according to preliminary data released by the Department of Customs.
The data shows that Nepal’s total foreign trade reached Rs 226.15 billion in Shrawan (mid-July to mid-Aug), compared with Rs 166.97 billion in the corresponding month of fiscal year 2082/83.
Imports increased by 31.04 percent to Rs 187.44 billion, from Rs 143.47 billion in Shrawan last year. Exports, meanwhile, rose by 61.72 percent to Rs 38.70 billion, up from Rs 23.93 billion during the same period last year.
Despite the strong growth in exports, the sharp rise in imports pushed the trade deficit up by 24.88 percent to Rs 148.73 billion, compared with Rs 119.54 billion in the first month of the previous fiscal year.
The import-to-export ratio also improved, declining from 5.99 to 4.84. Likewise, exports accounted for 17.11 percent of total foreign trade, up from 14.33 percent a year earlier. Imports accounted for 82.89 percent of total trade.
Major Imports
Crude soybean oil was the largest import item during the first month of the current fiscal year, with imports valued at Rs 18.44 billion. Diesel ranked second, with imports worth Rs 13.85 billion, followed by liquefied petroleum gas (LPG) worth Rs 8.47 billion.
Other major imports included DAP fertilizer worth Rs 7.87 billion, petrol worth Rs 6.88 billion, crude iron worth Rs 4.62 billion, urea and other fertilizers worth Rs 4.39 billion, and smartphones worth Rs 3.77 billion.
Major Export Items
Refined soybean oil was Nepal’s largest export item in Shrawan, with exports valued at Rs 17.99 billion. Other major export commodities included refined palm oil worth Rs 1.29 billion, refined sunflower oil worth Rs 1.20 billion, and stainless-steel household and kitchenware worth Rs 1.15 billion.
Nepal also exported jute textiles and jute products worth Rs 1.66 billion, handicrafts and traditional woolen carpets worth Rs 848 million, polyester yarn worth Rs 703 million, and cardamom worth Rs 675 million during the month.
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