In the 8 months of the current financial year, import trade increased by 11.20 percent to 11 trillion 45 billion 56 billion and export trade increased by 57.20 percent to 1 trillion 58 billion 17 billion
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The export of edible oil has increased abnormally. Oil exports have taken a leap due to duty exemption and advance payment facility. It is mentioned in the foreign trade data released by the Customs Department that the export of one and a half billion worth of goods in the 8 months of the current financial year accounted for only 56 and a half billion rupees.
Goods worth 1.58 billion 17 crores have been exported in eight months. This amount is 57.20 percent more than the same period of last financial year. In the first 8 months of 2080/81, goods worth 1.61 billion were exported. At that time, edible oil worth one and a half billion was exported. Now the export of oil has taken a leap. 56.39 billion worth of edible oil (soybean, sunflower, palm) has been exported in 8 months.
According to the Nepal-India Commercial Treaty, goods manufactured in Nepal with 30 percent value addition get duty-free entry into the Indian market. India has increased the customs rate of oil imported from other countries by another 20 percentage points last August. After the increase in customs duty, the tax levied on crude oil imported by India has reached 27 and a half percent. In Nepal, industrialists get advance payment while exporting to India. That is why the industrialists are said to be emphasizing on exports.
industrialists have been importing oil from third countries and refining it to some extent and exporting it. When domestic production does not meet the domestic demand, they import from America, Argentina, Ukraine, Indonesia, Malaysia, Thailand. Oil exports by refining imported raw materials Sandeep Agarwal, outgoing president of Nepal Vegetable Ghee Oil Industry Association said.
Crude edible oil worth 75 billion has been imported in 8 months of the current financial year. Most of this is soybean (crude) oil worth 51.35 billion. According to customs, sunflower worth 20.26 billion, palm oil (crude) worth 3.85 billion was imported. 56.39 billion worth of imported raw materials have been exported. Soybean oil is the most exported worth 47.94 billion. The department said that sunflower oil worth 7 billion 98 crores and palm oil worth 46.5 crores were exported.
According to the data of the Ministry of Agriculture and Livestock Development, oilseeds (soybean, mustard, sunflower, etc.) are cultivated in 259,000 hectares across the country. It produces 3 lakh tonnes (raw material) annually. Domestic production does not satisfy the domestic market. Industrialists claim that raw materials must be imported for export. After refining the imported raw materials, some oil is sold in the local market. The union claims that some are exported. Amulkaji Tuladhar, Secretary General of the Retail Trade Association said that the price of Pusayata Soybean and Sunflower oil has increased by 20 rupees per liter.
The size of total foreign trade has also increased in eight months. Foreign trade worth 13 trillion 3 billion 73 crore has been done till February. Last year, up to February, foreign trade was worth 11 trillion 30 billion 84 billion. In 8 months, Nepal's trade deficit has reached 9 trillion 87 billion 39 billion rupees. The trade deficit is 6.22 percent higher compared to the same period of last financial year. Goods worth 11 trillion 45 billion 56 crores have been imported from July to February of the current year. This amount is 11.20 percent more than the same period of last financial year. In the same period last financial year, goods worth 10 trillion 30 billion 22 million were imported. In
imports, most petroleum products have been imported. According to the data of the Customs Department, diesel worth 78.86 billion, petrol worth 42.80 billion, cooking gas worth 41 billion and aviation fuel worth 12.71 billion have been imported. The second is the import of crude edible oil. Smartphones worth 21.91 billion, rice worth 16.63 billion, gold worth 14.37 billion and corn worth 12.16 billion have been imported in 8 months.
In eight months, after edible oil, carpets worth 7.21 billion have been exported. Cardamom worth 5.84 billion, steel and iron worth 3.58 billion, jute worth 3.45 billion, yarn worth 3.41 billion, juice worth 3.31 billion, tea worth 3.21 billion have been exported. During this period, Nepal has traded profit with 34 countries and loss with 126 countries.
