KATHMANDU: The merchandise exports decreased 7.8% to Rs 26.45 billion during the first two months of current fiscal year, according to the macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on Tuesday.
The merchandise exports decreased 34.9% in the same period of the previous year.
Destination-wise, exports to India decreased 15.6% while exports to China and other countries increased 338.5% and 5.1% respectively. Exports of zinc sheet, cardamom, particle board, polyster yarn & thread, juice, among others increased while exports of palm oil, soyabean oil, jute goods, woollen carpet, medicine (ayurvedic), among others decreased in the review period.
In the review period, merchandise imports decreased 5.1% to Rs 259.75 billion compared to a decrease of 13.0% a year ago. Destination-wise, imports from India and other countries decreased 5.2% and 21.5% respectively while imports from China increased 25.4%.
Imports of MS wire rods, bars, coils and others, readymade garments, electrical equipment, textiles, and electrical goods, among others increased whereas imports of petroleum products, crude soyabean oil, crude palm oil, medicine, MS billet, among others decreased in the review period.
Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Krishnagar, Mechi, Nepalgunj, Rasuwa and Tribhuvan International Airport Customs Offices increased while exports from all the other major customs points decreased in the review period. On the import side, imports from Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Nepalgunj, Rasuwa and Tatopani Customs Offices increased while imports from all the other major customs points decreased in the review period.
Total trade deficit decreased 4.7% to Rs 233.30 billion during the two month of 2023/24. Such a deficit had decreased 9.4% in the corresponding period of the previous year. The export-import ratio decreased to 10.2% in the review period from 10.5% in the corresponding period of the previous FY.
During the two months of the current FY, merchandise imports from India by paying convertible foreign currency amounted to Rs 32.14 billion. Such an amount was Rs 26.23 billion in the same period of the previous year.
