Merchandise exports fall by 3.7 pc, imports by 2.8 pc in 9 months: NRB

KATHMANDU: The merchandise exports fell by 3.7% to Rs113.95 billion in the first nine months of the current fiscal year 2023/24 compared to a decrease of 26.3% in the same period of the previous year, according to a report by Nepal Rastra Bank (NRB). 

In terms of destinations, exports to India and other countries fell by 6.2% and 2.0% respectively, while exports to China rose by 232%. There was an increase in exports of items such as zinc sheets, particle boards, juice, polyester yarn and thread, and ready-made garments among others. However, exports of palm oil, soybean oil, woollen carpets, tea, and jute goods, among others, decreased.

Merchandise imports in the first nine months of the current fiscal year fell by 2.8% to Rs1,167.37 billion, compared to a decrease of 18.1% in the previous year.

Destination-wise, imports from India and other countries fell by 3.2% and 22.6% respectively, while imports from China rose by 33.4%.

Imports of transport equipment, vehicle and other vehicle spare parts, ready-made garments, aircraft spare parts, electrical equipment, and textiles, among others, increased. However, imports of gold, crude soybean oil, crude palm oil, petroleum products, and rice/paddy, among others, decreased.

Based on customs points, exports from Bhairahawa, Dry Port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa, and Tatopani increased, whereas exports from all the other major customs points decreased during the review period. On the import side, imports from Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa, and Tatopani Customs Offices increased while imports from all the other major customs points decreased during the review period.

The total trade deficit fell by 2.8% to Rs1,053.42 billion during the review period. This deficit had decreased by 17.1% in the corresponding period of the previous year. The export-import ratio remained at 9.8% in the review period, the same as in the corresponding period of the previous year.

During the review period, merchandise imports from India, paid for in convertible foreign currency, amounted to Rs 111.02 billion. This amount was Rs 101.67 billion in the same period of the previous year.