Imports fall by 4.04% and exports rise by 26.13% till six months of 2076/77; Palm oil still on top of export list

Tue, Feb 4, 2020 2:50 PM on Economy, Latest,

The Department of Customs has published the first six months' statistic of foreign trade of Nepal.

According to the data published, the imports have fallen by 4.04% till the first six months of 2076/77. Likewise, the exports have increased by 26.13% in comparison to the same period of 2075/76.

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

SN Trade Indicators FY 2075/76 (First six Months) FY 2076/77 (First six Months) Change (%)
1 Imports ( `000) 723937519.4                                   694,693,722 -4.04
2 Exports ( `000) 45412459.23                                     57,279,748 26.13
3 Trade Deficit ( `000) 678525060.2                                   637,413,974 -6.06
4 Total  Foreign Trade ( `000) 769349978.6                                   751,973,470 -2.26
5 Imports/Exports Ratio 15.93999958                                               12.1 -23.91
6 Exports Share to Total Trade (%) 5.900000095                                                 7.6 29.11
7 Imports Share to Total Trade (%) 94.09999847                                               92.4 -1.82

The highest import in Nepal has been coming from India followed by China, Indonesia, and the United Arab Emirates in second, third and fourth positions respectively. Our trade deficit with India has reached to Rs 383.69 arba. Similarly, with China, we have a deficit of Rs 117.23 arba and Rs 20.11 arba deficit with Indonesia.

Our largest export destination is India with total exports of Rs 40.14 arba till the first six months of 2076/77. In second place in United States with exports worth Rs 5.62 arba. China is our second highest import destination, but in terms of export, it ranks at sixth position with total exports of Rs 1.01 arba only.

In total we have a trade deficit of Rs 678.52 arba, imports of Rs 694.69 arba and exports of 57.27 arba. These figures in first six months of 2075/76 stood at Rs 637.41 arba, 723.93 arba, and 45.41 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 13.89 arba followed by soyabean oil at Rs 4.37 arba. Likewise, carpets and other textile floor coverings have the third-highest export value of Rs 3.63 arba till the first six months of FY 2076/77.