Merchandise exports surge by 31.8 pc and imports by 7.1 pc in first half of FY 2024/25
KATHMANDU: Merchandise exports surged by 31.8% to Rs 98.79 billion in the first half of current fiscal year 2024/25, reversing a previous decline of 7.2% during the same period last year, as reported by the Nepal Rastra Bank (NRB) on Sunday.
Exports to India, China, and other destinations increased by 46.1%, 19.7%, and 1.0% respectively. The exports of soybean oil, tea, polyester yarn and thread, particle board, and cardamom saw a significant rise, while the exports of palm oil, zinc sheets, ginger, readymade garments, and herbs decreased in six months.
According to the NRB data, merchandise imports grew by 7.1% to Rs 822.37 billion in the first six months of 2024/25, contrasting with a decline of 3.1% in the same period last year. Imports from India, China, and other countries increased by 5.9%, 8.9%, and 9.0% respectively. Key imports such as crude soybean oil, rice/paddy, transport equipment, vehicles and vehicle spare parts, sponge iron, and edible oil showed an uptick, whereas petroleum products, crude palm oil, gold, chemical fertiliser, and peas witnessed a decline.
Exports from Bhairahawa, Biratnagar, Birgunj, Dry port, Kailali, Krishnanagar, Mechi, Nepalgunj, and Rasuwa customs offices saw an increase, while other major customs points reported a decrease from mid-July to mid-January. On the import front, Bhairahawa, Biratnagar, Birgunj, Jaleshwor, Kailali, Kanchanpur, Krishnanagar, Mechi, Nepalgunj, Rasuwa, Tatopani, and Tribhuwan Airport customs offices recorded higher figures, while dry port customs points saw a decrease.
The total trade deficit rose by 4.4% to Rs 723.58 billion during the first half of the current fiscal year, after experiencing a 2.6% decrease during the corresponding period of the previous year. The export-import ratio improved to 12.0% from 9.8% over the same comparative period.
Additionally, merchandise imports from India, paid for with convertible foreign currency, amounted to Rs 88.56 billion in the first half of 2024/25, up from Rs 76.25 billion in the same period of the previous year.
