Nepal’s Export up by 37.8 Percent

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Nepal’s Export up by 37.8 Percent

July 16: Merchandise exports of Nepal increased 37.8 percent to Rs 121.25 billion in the first 11 months of the last fiscal year compared to an increase of 0.2 percent in the corresponding period of the previous year, according to the Current Macroeconomic and Financial Situation report unveiled by the central bank on Thursday.

Destination-wise, exports to India and other countries increased 43.3 percent and 25.9 percent respectively whereas exports to China decreased 17.4 percent. Exports of soybean oil, cardamom, polyester yarn and threads, jute products, woolen carpet, among others, increased whereas exports of palm oil, pulses, zinc sheet, wire, cattle feed, among others, decreased in the review period, the report stated.

During the first 11 months of FY 2020/21, merchandise imports increased 25.7 percent to Rs 1383.36 billion against a decrease of 15.3 percent a year ago. Destination-wise, imports from India, China and other countries increased 32.2 percent, 24.0 percent and 9.9 percent respectively.

Imports of transport equipment and parts, crude soybean oil, MS billet, rice, telecommunication equipment and parts, among others, increased whereas imports of aircraft spare parts, crude palm oil, video television and parts, cold-rolled sheet in coil, silver, among others, decreased in the review period, NRB further said.

According to the report, Nepal’s total trade deficit increased 24.6 per cent to Rs1262.11 billion during the eleven months of FY 2020/21. Such deficit had decreased 16.4 per cent in the corresponding period of the previous year. The export-import ratio increased to 8.8 per cent in the review period from 8.0 per cent in the same period of the previous year.

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