Nepal's exports fall by 3 pc, imports by 1.8 pc in 11 months: NRB
KATHMANDU: The merchandise exports fell by 3.0% to Rs 139.26 billion in the first 11 months of the current fiscal year 2023/24 according to the macroeconomic and financial situation report released by Nepal Rastra Bank (NRB).
The exports had decreased by 22.7% in the same period of the previous year.
In terms of destinations, exports to India and other countries fell by 4.5% and 1.7% respectively, while exports to China rose by 57.7%. There was an increase in exports of zinc sheets, particle boards, juice, readymade garments, and oil cakes among others. However, exports of palm oil, soyabean oil, woollen carpet, brans, tea. among others, decreased.
Likewise, merchandise imports in the first 11 months of the current fiscal year fell by 1.8% to Rs 1,453.70 billion compared to a decrease of 16% a year ago.
Destination-wise, imports from India and other countries fell by 3.1% each, while imports from China rose by 34.8%.
Imports of transport equipment, vehicle and other vehicle spare parts, readymade garments, electrical equipment, aircraft spare parts, and textiles, among others, increased. However, imports of crude soyabean oil, gold, hot rolled sheet in coil, crude palm oil, rice/paddy, among others, decreased.
Based on customs points, exports from Bhairahawa, Dry Port, Jaleshwor, Krishnanagar, Mechi, Rasuwa and Tatopani increased whereas exports from all the other major customs points decreased in the review period. On the import side, imports from 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 fell by 1.7% to Rs 1,314.44 billion during the review period. This deficit had decreased 15.2% in the corresponding period of the previous year. The export-import ratio decreased to 9.6% in the review period from 9.7% in the corresponding period of the previous year.
During the review period, merchandise imports from India, paid for in convertible foreign currency, amounted Rs 137.13 billion. This amount was Rs 138.47 billion in the same period of the previous year.
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