Exports record minimal increase
KATHMANDU, June 23:
The total foreign trade observed an increment of 9.1 per cent, however Nepal still has a huge trade deficit due to increasing imports, in the first ten months of the current fiscal year.
“We need a long term strategy to boost overall trade,” said executive director of Trade and Export Promotion Centre Ramesh Kumar Shrestha. “The government has not been able to implement its policies that could boost trade,” he added.
“Nepal’s total export stood at Rs 52.11 billion, while total import stands at Rs 313.87 billion in the first 10 months of the current fiscal year,” according to the centre. According to the Centre’s data total export has, however, increased by 4.8 per cent and import has increased by 9.8 per cent, Inefficiency of the government and difficult labour-management issues are yet other factors that directly affected the trade and business sector, he said, adding that Nepal’s supply side has been declining every year.
There are few exportable products, which have high demand in the international market, however traders have been unable to fulfill the supply side.
Woolen Carpet, Pashmina, Readymade Garment, Lentils, Yarns, Textiles, Iron and Steel articles, handicraft products, silver jewellery, Nepali Handmade Papers, leather have contributed in the exports.
Similarly, Iron and Steel products are the highest exported products with a total export of Rs 8.54 billion, followed by Yarns (Polyester, Cotton and others) exports worth Rs 4.64 billion, Woolen Carpet worth Rs 3.93 billion, Readymade Garment worth Rs 3.26 billion, Lentils worth Rs 3.19 billion and textiles worth Rs 3.06 billion, revealed the centre’s data. Meanwhile, Pashmina of Rs 1 billion and handicrafts products of Rs 380 million were also exported in the first 10 months of the current fiscal year. Among the various exportable products, Nepal has received negligible growth in its traditional export items like Woolen Carpet, Readymade Garment, handicraft products and pashmina.
Though there is a sharp decline in import of gold during the first ten month however, import of petroleum products, crude soyabean oil has increased, the centre said adding that Gold import has decreased by 82.3 per cent whereas; import of petroleum products and crude soyabean oil has increased by 43.8 and 121.3 per cent respectively.
The major trading partners remained India, Bangladesh, USA, Germany, UK, France, Turkey, Canada, Italy, China, Japan and Bhutan.
Source: THT
The total foreign trade observed an increment of 9.1 per cent, however Nepal still has a huge trade deficit due to increasing imports, in the first ten months of the current fiscal year.
“We need a long term strategy to boost overall trade,” said executive director of Trade and Export Promotion Centre Ramesh Kumar Shrestha. “The government has not been able to implement its policies that could boost trade,” he added.
“Nepal’s total export stood at Rs 52.11 billion, while total import stands at Rs 313.87 billion in the first 10 months of the current fiscal year,” according to the centre. According to the Centre’s data total export has, however, increased by 4.8 per cent and import has increased by 9.8 per cent, Inefficiency of the government and difficult labour-management issues are yet other factors that directly affected the trade and business sector, he said, adding that Nepal’s supply side has been declining every year.
There are few exportable products, which have high demand in the international market, however traders have been unable to fulfill the supply side.
Woolen Carpet, Pashmina, Readymade Garment, Lentils, Yarns, Textiles, Iron and Steel articles, handicraft products, silver jewellery, Nepali Handmade Papers, leather have contributed in the exports.
Similarly, Iron and Steel products are the highest exported products with a total export of Rs 8.54 billion, followed by Yarns (Polyester, Cotton and others) exports worth Rs 4.64 billion, Woolen Carpet worth Rs 3.93 billion, Readymade Garment worth Rs 3.26 billion, Lentils worth Rs 3.19 billion and textiles worth Rs 3.06 billion, revealed the centre’s data. Meanwhile, Pashmina of Rs 1 billion and handicrafts products of Rs 380 million were also exported in the first 10 months of the current fiscal year. Among the various exportable products, Nepal has received negligible growth in its traditional export items like Woolen Carpet, Readymade Garment, handicraft products and pashmina.
Though there is a sharp decline in import of gold during the first ten month however, import of petroleum products, crude soyabean oil has increased, the centre said adding that Gold import has decreased by 82.3 per cent whereas; import of petroleum products and crude soyabean oil has increased by 43.8 and 121.3 per cent respectively.
The major trading partners remained India, Bangladesh, USA, Germany, UK, France, Turkey, Canada, Italy, China, Japan and Bhutan.
Source: THT
