Seven months of 2076/77 reports 3.56% fall in import and 22.41% rise in export; Palm oil still the most exported product

Tue, Feb 25, 2020 12:36 PM on Economy, Latest, Stock Market,

The Department of Customs has published the statistic of foreign trade of Nepal for the first seven months of FY 2076/77.

According to the data published, the imports have fallen by 3.56% till Magh end of 2076. Likewise, the exports have increased by 22.41% in comparison to the same period of 2075/76.

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 Rs 496.48 arba. Similarly, with China, we have a deficit of Rs 132.62 arba and Rs 21.65 arba deficit with Indonesia.

Our largest export destination is India with total exports of Rs 45.39 arba till the first seven months of 2076/77. In second place in the United States with exports worth Rs 6.49 arba. China is our second highest import destination, but in terms of export, it ranks at sixth position with total exports of Rs 1.06 arba only.

In total we have a trade deficit of Rs 738.63 arba, imports of Rs 803.60 arba and exports of 64.97 arba. These figures in the first seven-month of 2075/76 stood at Rs 780.18 arba, 833.26 arba, and 53.07 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 5.94 arba. Likewise, carpets has the third-highest export value of Rs 4.27 arba till the first seven months of FY 2076/77.

Similarly, Diesel is the highest imported product with import value at Rs 58.22 arba. What is worth noting is the import value of crude palm oil. It is the 7th highest imported product with an import value of Rs 12.43 arba.

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

SN Trade Indicators FY 2075/76(First 7 Months) FY 2076/77(First 7 Months) Change (%)
1 Imports ( `000) 833268418.8                                   803,602,813 -3.56
2 Exports ( `000) 53078755.76                                     64,971,227 22.41
3 Trade Deficit ( `000) 780189663.1                                   738,631,586 -5.33
4 Total  Foreign Trade ( `000) 886347174.6                                   868,574,040 -2.01
5 Imports/Exports Ratio 15.69999981                                               12.4 -21.22
6 Exports Share to Total Trade (%)                                             5.99 7.48 24.88
7 Imports Share to Total Trade (%)                                           94.01 92.52 -1.59