July 12: Nepal exported goods worth Rs 185.84 billion in the first 11 months of the current fiscal year (FY 2021/22), according to the latest report of Nepal Rastra Bank (NRB).

The Current Macroeconomic and Financial Situation Report released by the central bank on Monday states that the exports during the review period increased by 53.3 percent against an increase of 37.8 percent in the corresponding period of last fiscal year.

Destination-wise, exports to India and other countries increased by 61.8 percent and 30.1 respectively whereas exports to China declined by 21.4 percent.

According to the report, exports of palm oil, soybean oil, polyester yarn and thread, woolen carpets, zinc sheet, among others, increased whereas exports of cardamom, tea, medicine (ayurvedic), toothpaste, wire, among others, decreased in the review period.

During the first eleven months of 2021/22, merchandise imports increased 27.5 percent to Rs 1763.22 billion compared to an increase of 25.7 percent a year ago, the report added.

Destination-wise, imports from India, China and other countries increased 24.2 percent, 16.0 percent, and 46.1 percent respectively.

Imports of petroleum products, medicine, crude palm oil, gold, machinery and parts, among others, increased whereas imports of MS billet, chemical fertilizer, cement, rice/paddy, pulses, among others, decreased in the review period.

Based on customs points, exports from Kanchanpur and Mechi customs offices decreased whereas exports from all the other major customs points increased in the review period.

On the import side, imports from all the major customs points increased in the review period.

The report further said that the country’s trade deficit increased 25.0 percent to Rs 1577.39 billion during the eleven months of 2021/22. Such a deficit had increased 24.6 percent in the corresponding period of the previous year.

The export-import ratio increased to 10.5 percent in the review period from 8.8 percent in the corresponding period of the previous year.

During the eleven months of 2021/22, merchandise imports from India by paying convertible foreign currency amounted to Rs 200.82 billion. Such amount was Rs 173.26 billion in the same period of the previous year.