Imports fall by 10.34% and exports rises by 14.41%; Palm oil becomes the most exported product from Nepal

Fri, Nov 22, 2019 12:45 PM on Economy, Featured,

The Department of Customs has published the first quarter statistic of foreign trade of Nepal.

According to the data published, the imports have fallen by 10.34% till the first quarter i.e. Ashwin end 2076. Likewise, the exports have increased by 14.41% in comparison to the first quarter of 2075/76.

The table below shows the status of major indicators of foreign trade of Nepal:

SN Trade Indicators FY 2075/76 (First three Months) FY 2076/77 (First three Months) Change (%)
1 Imports (Rs.in `000) 373587258.4 334949362.6 -10.34
2 Exports (Rs.in `000) 23744930.14                                   27,166,770 14.41
3 Trade Deficit (Rs.in `000) 349842328.2                                 307,782,592 -12.02
4 Total  Foreign Trade (Rs.in `000) 397332188.5                                 362,116,133 -8.86
5 Imports/Exports Ratio 15.72999954                                             12.3 -21.62
6 Exports Share to Total Trade (%) 5.980000019                                              7.5 25.46
7 Imports Share to Total Trade (%) 94.01999664                                             92.5 -1.62
Source: Department of Customs

The highest import in Nepal has been coming from India followed by China, Indonesia, and the United States in second, third and fourth positions respectively. Our trade deficit with India has reached to Rs 189.54 arba. Similarly, with China, we have a deficit of Rs 58.81 arba and Rs 6.7 arba deficit with Indonesia.

Our largest export destination is India with total exports of Rs 17.87 arba till the first three months of 2076/77. In second place in United States with exports worth Rs 3 arba. China is our second highest import destination, but in terms of export, it ranks at sixth position with total exports of Rs 45.18 crore only.

In total we have a trade deficit of Rs 307.78 arba, imports of Rs 334.94 arba and exports of 27.16 arba. These figures in first quarter of 2075/76 stood at Rs 349.84 arba, 373.58 arba, and 23.74 arba respectively.

Similarly, if we look at the product-wise export then the most exported product from Nepal is Palm oil with total exports worth of Rs 5.75 arba followed by carpets and textile products at Rs 1.96 arba. Likewise, Soyabean oil has the third-highest export value of Rs 1.47 arba till the first quarter of FY 2076/77.