Merchandise exports surge by 57.2 pc, imports by 11.2 pc in 8 months

KATHMANDU: Merchandise exports rose by 57.2% to Rs 158.17 billion in the first eight months of fiscal year 2024/25, compared to a 4% decline in the same period of the previous year, according to a report released by Nepal Rastra Bank (NRB) on Wednesday.

Exports to India, China, and other countries increased by 82.5%, 8.8%, and 2.9%, respectively. Exports of soybean oil, polyester yarn and thread, tea, particle board, and cardamom rose, while exports of palm oil, zinc sheets, ginger, ready-made garments, and juice declined during the review period.

Merchandise imports grew by 11.2% to Rs 1,145.57 billion in the first eight months of the fiscal year, compared to a 2.7% decline a year ago, as per NRB data. Imports from India, China, and other countries increased by 7.9%, 12.5%, and 20.6%, respectively. Imports of crude soybean oil, rice/paddy, transport equipment, vehicles and spare parts, edible oil, and sponge iron increased, while imports of petroleum products, crude palm oil, aircraft spare parts, writing and printing paper, and chemical fertiliser declined.

The total trade deficit rose by 6.2% to Rs 987.39 billion during the review period. This deficit had decreased by 2.5% during the same period of the previous year. The export-import ratio improved to 13.8% from 9.8% in the corresponding period of the previous year.

Merchandise imports from India paid in convertible foreign currency amounted to Rs 119.49 billion during the first eight months of 2024/25, up from Rs 98.29 billion in the same period of the previous year.

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