KATHMANDU, June 11: During the ten months of the current Fiscal Year (FY) 2024/25, merchandise exports increased by 72.7 percent to Rs. 217.91 billion, in contrast to a decrease of 3.6 percent in the same period of the previous year, according to the Nepal Rastra Bank (NRB).
The NRB report, 'Current Macroeconomic and Financial Situation of Nepal (Based on Ten Months Data Ending Mid-May 2024/25),' published on Tuesday, states that destination-wise, exports to India, China, and other countries increased by 104.7 percent, 5.1 percent, and 4.2 percent, respectively.
Exports of soybean oil, polyester yarn and thread, tea, jute goods, and oil cakes, among others, increased, whereas exports of palm oil, zinc sheet, readymade garments, juice, and cardamom, among others, decreased in the review period.
During the ten months of FY 2024/25, merchandise imports increased by 13.1 percent to Rs. 1474.19 billion, compared to a decline of 2.4 percent a year ago.
Merchandise export declines in eight months of FY 2022/23
Destination-wise, imports from India, China, and other countries increased by 7.9 percent, 15.1 percent, and 28.3 percent, respectively. Imports of crude soybean oil, rice/paddy, edible oil, transport equipment, vehicles and spare parts, and sponge iron, among others, increased, whereas imports of petroleum products, gold, electrical equipment, chemical fertilizer, and coal, among others, decreased in the review period.
On the export side, exports from all major customs points have increased except for Jaleshwor, Kanchanpur, and Tatopani.
On the import side, imports from all major customs points, including Bhairahawa, Biratnagar, Birgunj, Dry port, Jaleshwor, Kailali, Kanchanpur, Krishnanagar, Mechi, Nepalgunj, Rasuwa, and Tribhuvan Airport customs offices, have increased.
Trade deficit up by 6.7 percent
Total trade deficit increased by 6.7 percent to Rs. 1256.28 billion during the ten months of 2024/25. Such a deficit had decreased by 2.3 percent in the corresponding period of the previous year. The export-import ratio increased to 14.8 percent in the review period from 9.7 percent in the corresponding period of the previous year.
During the ten months of 2024/25, merchandise imports from India against payment in convertible foreign currency amounted to Rs. 152.48 billion. Such an amount was Rs. 122.02 billion in the same period of the previous year.
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