Nepal records merchandise exports worth Rs 63.21bn in 5 months of current FY: NRB
KATHMANDU: The merchandise exports decreased 6.1% to Rs 63.21 billion during the first five months of the current fiscal year 2023/24, according to the macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on Thursday.
The merchandise exports decreased 34.6% in the same period of the previous year.
Destination-wise, exports to India decreased 11.3% while exports to China and other countries increased 322.3% and 2.3% respectively. Exports of zinc sheet, particle board, juice, polyester yarn & thread, and readymade garments, among others increased while exports of palm oil, soyabean oil, tea, woollen carpet, and rosin, among others decreased.
In the review period, merchandise imports decreased 3.4% to Rs 642.21 billion compared to a decrease of 20.7% a year ago. Destination-wise, imports from India and other countries decreased 1.3% and 28.4% respectively while imports from China increased 32.8%. Imports of readymade garments, MS wire rods, bars, and coils, electrical equipment, textiles, and aircraft spare parts, among others, increased whereas imports of gold, crude soyabean oil, crude palm oil, petroleum products, rice/paddy, among others decreased.
Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwor, Krishnanagar, Mechi, Rasuwa, Tatopani and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period.
The total trade deficit decreased 3.1% to Rs 579 billion during the review period. Such a deficit had decreased 18.8% in the corresponding period of the previous year. The export-import ratio decreased to 9.8% in the review period from 10.1% in the corresponding period of the previous year.
The merchandise imports from India against payment in convertible foreign currency amounted to Rs 63.66 billion. Such amount was Rs 50.20 billion in the same period of the previous year.
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