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There has been an improvement in the country's export trade. The export trade for the 5 months of the current financial year has increased by 16.54 percent to 73.65 billion 97 million rupees. This amount is 16 and a half percent more than the first 5 months of last financial year. In the last 5 months of the financial year, exports were worth 63 billion 207.4 million rupees.
Export trade has increased by 20.98 billion rupees in one month, according to the data released by the Customs Department on Sunday. In the 4 months of the current financial year, the export trade was 52 billion 677 million rupees. After 5 months, exports have increased to 73 billion.
Import trade has also increased during this period. In the 5 months of the current financial year, goods worth 6 trillion 61 billion 48 crore rupees have been imported. This amount is 3 percent more than the same period of last financial year. In the first 5 months of last year, goods worth 6 trillion 42 billion 20 crores were received.
There is foreign trade from Nepal to more than 149 countries. India is leading in import and export trade. Goods worth 4 trillion 10 billion 55 crores have been imported from India. According to the department, exports to India are worth 51 billion 1 crore rupees. This time again, China is the second largest importer of goods.
Goods worth 1 trillion 31 billion 37 million have been imported from China. China ranks fourth in export trade. According to the data of the department, the export of 1 billion 74 million rupees to China.
Argentina, which ranks third in import trade, has imported 11 billion 800 million. 10.56 billion from Ukraine and 8.39 billion from America. In terms of exports, the US ranks second. According to the department, goods worth 7 billion 34 million rupees have been exported to America in 5 months. Germany is the third largest exporting country. According to the department's data, exports of 1.96 billion to Germany and 1.49 billion to London.
The most exported commodities are soybean oil, cardamom, sunflower oil, carpet and tea. Due to these items, overall export trade has increased. Soybean oil is the number one export item. Soybean oil worth 8.36 billion 8.1 million has been exported during 5 months. Edible oil is exported to India. Soybean raw materials imported from third countries are refined and exported to India by traders. After India increased the duty on oil imports, businessmen have focused on exports rather than domestically.
India has increased the basic customs duty on crude and refined edible oil by 20 percentage points with effect from August 19. Indian media reported that after the increase in customs duty, the import tax on crude edible oil imported by India has reached 27.5 percent.
Goods produced in Nepal with 30 percent value addition get duty-free entry into the Indian market. Taking advantage of the same facility, the oil industry has concentrated its sales towards India rather than domestically, which has led to an increase in exports. The price of edible oil has increased in the market as the industrialists have emphasized on exports rather than domestic sales.
Second, the export of cardamom is 3 billion 45 million 63 million. Sunflower oil has been exported in third place. In 5 months, 2 billion 97 lakh 61 crores have been exported. Sunflower oil is mainly exported to India. Carpet exports are also encouraging. In 5 months, carpet worth 2 billion 835 million has been exported. Black tea worth 2.56 billion 95 million has been exported during this period. Black tea has been exported to India.
Apart from India, there is also demand for Nepali Orthodox tea in European and American countries. During this period, yarn worth 2.39 billion 74 lakhs, steel and iron worth 2.10 billion 76 lakhs have been exported. 2 billion 383 million worth of juice and 2 billion 269 million worth of jute have also been exported.
Most of the imported goods are petroleum products. Diesel worth 42.17 billion 28 million and petrol worth 26.45 billion 43 million have been imported in 5 months. In 5 months, LP gas worth 24.22 billion 91 million and aviation fuel worth 8.14 billion 59 million have been imported. In addition, it is reported that pharmaceutical goods worth 12.84 billion 45 lakhs, steel and rods worth 11.91 billion 46 lakhs and mobile phones worth 10.35 billion 61 lakhs were imported.
