Merchandise exports rise by 16.5 pc, imports by 3 pc in 5 months of current FY: NRB
KATHMANDU: Merchandise exports surged by 16.5% to Rs 73.66 billion in the first five months of current fiscal year 2024/25, reversing a decline of 6.1% in the same period of previous year, according to macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on Friday.
Exports to India and China experienced growth of 23.7% and 68.9% respectively, while exports to other countries dipped by 1.2%. Notable increases were seen in the exports of soybean oil, tea, polyester yarn and thread, particle board, and woollen carpets. However, there were declines in the exports of palm oil, zinc sheets, ginger, ready-made garments, and herbs over the same period.
During the same five months, merchandise imports rose by 3% to Rs 661.49 billion, contrasting with a 3.4% decline a year earlier. Imports from India and China grew by 4.0% and 4.6% respectively, while imports from other countries decreased by 1.8%. The period saw increased imports of transport equipment, vehicle spare parts, crude soybean oil, sponge iron, garlic, and edible oil, while petroleum products, gold, crude palm oil, peas, and bitumen imports fell.
Based on customs points, exports from Bhairahawa, Biratnagar, Birgunj, Dry port, Kailali, Krishnanagar, Mechi, Nepalgunj, and Rasuwa customs offices increased, whereas exports from other major customs points saw a decline. On the import side, there was a rise in imports through Bhairahawa, Biratnagar, Birgunj, Jaleshwor, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa, and Tatopani customs offices, while imports through other major customs points decreased.
The total trade deficit expanded by 1.5% to Rs 587.83 billion during the five months of 2024/25, compared to a 3.1% reduction in the same period the previous year. The export-import ratio improved to 11.1% from 9.8% in the previous year.
During the first five months of 2024/25, merchandise imports from India paid in convertible foreign currency amounted to Rs 72.84 billion, up from Rs 63.66 billion in the same period the previous year.
