Import In Nepal Falls By 15 Percent
June 30, 2020 | Investopaper
The decline in world trade due to the Covid-19 infection is also reflected in Nepal’s international trade. According to the data of the Customs Department till Jestha of the current fiscal year 2076/77, the overall international trade has declined by about Rs 200 billion. Total imports have decreased by Rs. 199 billion compared to Jestha last year and reached Rs. 1.10 trillion. Until the Jestha of previous year, Nepal had imported goods worth Rs 1.299 trillion. In comparison, imports declined by 15.31 percent in the current fiscal year.
Until Jestha, Nepal’s trade deficit has decreased by Rs. 201 billion compared to the previous year and reached Rs.1.01 trillion The trade deficit had reached Rs 1.211 trillion in May last year. Nepal has exported goods worth Rs 88 billion as of the review period of the current fiscal year, compared to Rs 87.83 billion in Jestha last year, according to the Customs Department. This is a growth rate of 0.19 percent. As imports declined, its share of total trade declined to 92.60 percent. As of Jestha of last year, the share of imports was 93.67 percent. The share of exports increased by 16.95 percent to 7.40 percent.
Top 5 Import/ Export
India is the number one trading partner. Nepal has imported goods worth Rs 670 billion from India and exported goods worth Rs 62.95 billion. China is in the second place. Nepal has imported Rs 169 billion and exported Rs 1.13 billion to China. Indonesia, is in the third place, from where Nepal has imported Rs 30 billion and exported only Rs 123 million.
Likewise, Nepal has imported Rs 22.14 billion from the fourth-ranked United States and Rs 17.67 billion from the fifth-ranked United Arab Emirates. Nepal has exported goods worth Rs 8.38 billion and Rs 217.5 million to these countries respectively.
Until Jestha 2077, Nepal has imported the highest amount of diesel worth Rs 78.21 billion. It has imported Rs 38 billion worth of iron and steel, Rs 28 billion worth of LP gas, Rs 26.54 billion worth of petrol and Rs 18.51 billion worth of rice. Among the exported goods, palm oil is worth Rs 18.31 billion. Since then, soybean oil has been exported worth Rs 10.12 billion. Items such as carpets, woolen cloth, juice, jute and cardamom are among the most exported items from Nepal.
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