Kathmandu: Nepal exported the highest amount of soybean oil out of the total goods exported by Nepal in the last fiscal year 2024/25. Similarly, sunflower oil is the fourth most exported goods after iron products and yarn.
According to National News Agency Nepal, Nepal imports the raw materials of these goods and exports them after processing and packaging. The export of these goods witnessed an unusual growth in the last fiscal year. The export of soybean oil increased by more than 11,000 percent in the last fiscal year, with soybean oil alone accounting for 38.5 percent of the total export of Nepal during that period.
Out of the total export worth Rs 277 billion, soybean oil worth Rs 106 billion was exported. As per the report released by the Trade and Export Promotion Centre, the export of iron and iron products decreased by 6.01 percent in the last fiscal year.
Similarly, sunflower oil export increased by 7,436 percent, bringing Rs 12.33 billion from its export. Nepal also brought Rs 14.40 billion to the country after the export of yarn had increased by 19.85 percent. However, the export of readymade clothes decreased by 2.39 percent, limited to Rs 8.75 billion, while the export of plywood also decreased by 4.26 percent.
Likewise, the export of cardamom decreased by 3.24 percent, tea by 26.64 percent, and oil cake by 22.80 percent in the last fiscal year. Nepal’s export to India increased by 117.8 percent, reaching Rs 224 billion. The export to India was 67.71 percent in the previous fiscal year 2023/24 and increased to 81.10 percent in the fiscal year 2024/25.
India, the USA, Germany, the UK, UAE, China, France, Australia, Japan, Italy, Turkey, the Netherlands, and Afghanistan are the major destinations for Nepal’s export business. The raw materials for soybean oil topped the country’s imports in the last fiscal year, witnessing an increase of 711.96 percent, amounting to Rs 108.95 billion.
Meanwhile, the imports of petroleum products decreased by 4.29 percent, reaching Rs 287.65 billion. Imports of iron and steels and their products increased by 10.18 percent, reaching Rs 162.5 billion during the period. The country imported machinery goods worth Rs 124.15 billion, and the imports of electric and electronic goods totaled Rs 73.88 billion, while the imports of vehicles and their spare parts reached Rs 109.12 billion. However, the imports of palm oil decreased by 35.68 percent, reaching Rs 6.82 billion.