Kathmandu: In the first eleven months of the fiscal year 2024/25, the country’s trade deficit has surged to Rs 1397.23 billion, marking a 6.3 percent increase. This is in contrast to a 1.7 percent decline recorded during the same period the previous year.
According to National News Agency Nepal, data published by the Nepal Rastra Bank (NRB) reveals that the export-import ratio has improved, climbing to 15.1 percent from last year’s 9.6 percent. During this period, merchandise imports saw a significant rise of 13.1 percent, totaling Rs 1644.80 billion, while the previous year experienced a decline of 1.8 percent. Notably, imports from India, China, and other nations grew by 7.6 percent, 15.3 percent, and 29.5 percent, respectively.
The report highlights that imports of crude soybean oil, rice/paddy, transport equipment, vehicle and spare parts, edible oil, and sponge iron have increased. In contrast, imports of petroleum products, gold, electrical equipment, chemical fertilizers, and coal have decreased. A breakdown by customs points indicates an increase in exports from Bhairahawa, Biratnagar, Birgunj, Dry Port, Kailali, Krishnanagar, Mechi, Nepalgunj, Rasuwa, and Tribhuwan Airport, while exports from other major points saw a decline.
Conversely, imports through Jaleshwor and Tribhuwan Airport Customs have decreased, with other major points experiencing an uptick. During this period, merchandise imports from India, paid in convertible foreign currency, amounted to Rs 167.30 billion, compared to Rs 137.13 billion in the previous year, as per the central bank’s data.
Merchandise exports have also seen a substantial increase, rising by 77.8 percent to Rs 247.57 billion, reversing a 3.0 percent decline from the previous year. Destination-wise, exports to India, China, and other countries rose by 112.6 percent, 3.0 percent, and 4.4 percent, respectively. The NRB report further details increases in exports of soybean oil, polyester yarn and thread, jute goods, tea, and rosin, while exports of palm oil, zinc sheets, juice, readymade garments, and cardamom have decreased.