How Much Has Been  Exports And Import Within 8 Months?

Mar 22, Kathmandu: Foreign trade, which has declined since the beginning of the current financial year (FY) 2022/23  has seen the same trend even in the 8th month.

Both the import and export of goods have decreased, and there has been a big decline in total foreign trade, trade deficit, and customs revenue this year. In this way, overall foreign trade indicators are seen as negative.

According to the Customs Department, during the 8th month of the current year (July-February), Nepal imported goods worth 10.5 trillion rupees. During this period, the figure for export also exceeded 1 billion. This year, import has decreased by 19.13%, and export by 29.07%. Due to the decline in imports, the trade deficit has decreased by 17.86 percent compared to the previous year. According to the data of the Customs Department, overall foreign trade decreased by 20.14 percent.


Imports rise in February

The government had lifted the import ban which was in place till the end of November and it will be effective from December 16. The provision of cash margin required for opening LCs was removed from January 19. The government had removed these restrictions saying that the revenue had decreased due to the import restrictions.

Due to these restrictions, the import decreased in February, but it has been seen that there has been some expansion. Goods worth 1 trillion 31 billion rupees were imported in the month of November, but only 1 trillion 29 billion rupees were imported in January.

According to the data of the customs department, only goods worth 1 trillion 26 billion rupees were imported in January. In February, the import increased to 1 trillion 39 billion rupees.

According to the data of the department, Nepal has imported goods worth 10 trillion 58 billion 38 million rupees till February. This is 19.13 percent less than the previous year 2078/79. In that year, the import was equal to 13 trillion 8 billion rupees.

In which month, how many rupees worth of goods are imported?

November: 1 trillion 31 billion
December: 1 billion 29 now
December: 1 trillion 29 billion
January: 1 trillion 26 billion
February: 1 trillion 39 billion
Exports barely crossed the figure of 1 trillion

Exports made a record in the previous year. However, in the current year, exports have declined. Goods worth 1 trillion 4 billion 79 crore rupees have been exported till the end of February this year.

This is 29.07 percent less than the same period last year. During the same period last year, the export was equal to 1 trillion 47 billion 74 million rupees.

A decline in the trade deficit as well

Reduction in trade deficit caused by an increase in exports in foreign trade is considered positive. However, in Nepal, the trade deficit has decreased despite the high rate of export decline. This will lead to a contraction in imports.

The trade deficit has decreased by 17.86 percent till February this year. This year, there has been a trade loss of 9 trillion 53 billion 58 million rupees. During the same period last year, the trade deficit was 11 trillion 60 billion 98 billion rupees.

A steep decline in the size of foreign trade

According to the Customs Department, there has been a big decline in the size of total foreign trade this year. This is the contraction in both imports and exports.

According to the data, till February, there was a trade worth 11 trillion 63 billion 18 billion rupees. This is a decline of 20.14 percent compared to the same period last year. Till February of last year, foreign trade was worth 14 trillion 56 billion 48 billion rupees. This year, the share of exports in foreign trade is 9.01 percent and the share of imports is 90.99 percent.

2 trillion 27 billion in petroleum product imports

Until February this year, Nepal had to send 2 trillion 27 billion rupees abroad only for the import of petroleum products.When the export of such goods from Nepal is zero, there is a 100 percent trade loss.

This year, iron and steel worth 86.92 billion rupees have been imported. The export of such goods is worth 6 billion 22 million rupees. The import of electrical machinery and equipment is worth 65.46 billion rupees. During this period, vegetable products worth 22 billion 18 million rupees have been imported.

Trade with 185 countries, most with India

Nepal has done foreign trade with more than 158 countries this year. India has the largest share. Nepal has imported goods worth 6 trillion 56 billion rupees from India. Goods worth 74 billion 21 crore rupees have been exported. This shows that Nepal's trade deficit with India alone is 5 trillion 82 billion rupees.

Nepal has imported goods worth 1 trillion 45 billion from China. It has exported only 51 crore rupees. Importing goods worth 12.67 billion rupees from America, Nepal has exported goods worth 12.13 billion rupees.

Foreign trade for 8 months of the current year

Import: 10 billion 58 billion 38 billion
Exports: 1 trillion 4 billion 79 crores
Trade deficit: 9 trillion 53 billion 58 million
Total foreign trade: 11 trillion 63 billion 18 billion