Kathmandu: Merchandise exports have experienced a significant surge during the first ten months of the fiscal year 2024/25, increasing by 72.7 percent to reach Rs. 217.91 billion. This is a stark contrast to the 3.6 percent decrease recorded in the same period in the previous year.
According to National News Agency Nepal, the latest report from Nepal Rastra Bank (NRB), titled ‘Current Macroeconomic and Financial Situation of Nepal (Based on Ten Months Data Ending Mid-May 2024/25)’, was released today, providing these insights.
The report highlights that exports to India, China, and other countries have risen by 104.7 percent, 5.1 percent, and 4.2 percent, respectively. The increase in exports has been driven by soyabean oil, polyester yarn and thread, tea, jute goods, and oil cakes. However, there has been a decrease in the export of palm oil, zinc sheet, readymade garments, juice, and cardamom during this period.
Merchandise imports also saw an increase of 13.1 percent, amounting to Rs. 1474.19 billion, reversing a 2.4 percent decline from the previous year. Imports from India, China, and other countries rose by 7.9 percent, 15.1 percent, and 28.3 percent, respectively. Notable increases were observed in crude soyabean oil, rice/paddy, edible oil, transport equipment, vehicle and spare parts, and sponge iron, while imports of petroleum products, gold, electrical equipment, chemical fertilizer, and coal saw a decrease.
The report further indicates that exports have increased from all major customs points except for Jaleshwor, Kanchanpur, and Tatopani. On the import side, there was an increase from all major customs points, including Bhairahawa, Biratnagar, Birgunj, Dry port, Jaleshwor, Kailali, Kanchanpur, Krishnanagar, Mechi, Nepalgunj, Rasuwa, and Tribhuwan Airport customs offices.
The trade deficit has also increased by 6.7 percent, reaching Rs. 1256.28 billion during the review period. In comparison, the deficit had decreased by 2.3 percent in the corresponding period of the previous year. The export-import ratio improved to 14.8 percent from 9.7 percent in the previous year. Notably, merchandise imports from India, settled in convertible foreign currency, amounted to Rs. 152.48 billion, up from Rs. 122.02 billion during the same period last year.