Due to the failure to significantly increase exports, the country incurred a trade deficit of Rs 515.95 billion in just four months.
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Goods worth Rs 69.45 billion have been imported from Shrawan to Kartik of the current fiscal year. This is 18.71 percent more than the same period of the previous fiscal year. Along with imports, exports have also increased.
The Customs Department has data showing that goods worth 93.4957 billion rupees were exported in the four months of the current fiscal year. While goods worth 52.67 billion rupees were exported in the four months of the last fiscal year.
Due to the significant failure to export, the country has incurred a trade deficit of 515.95 billion rupees in just four months. This trade deficit is higher than the same period last year. There was a trade deficit of 460.71 billion rupees in the first four months of the last fiscal year. Although both imports and exports have increased, the trade deficit gap is widening. According to the department, Nepal has done foreign trade worth 72947 million rupees in the four months.
The main item imported and exported is crude soybean oil. According to the department, 37.96 billion rupees of unrefined soybean oil has been imported in the four months. 38.43 billion rupees of refined soybean oil has been exported during the same period. Soybean raw materials imported from third countries are processed in Nepal and exported to India. Due to export discounts and advance payment facilities, entrepreneurs prefer to export soybean oil to India rather than selling it domestically.
In the first four months of the current fiscal year, gold worth Rs 15.72 billion was imported, while in the same period of the last fiscal year, gold worth Rs 1.42 billion was imported. In the first four months of the current fiscal year, gold worth Rs 15.72 billion was imported. While only Rs 1.42 billion was imported in the same period of the last fiscal year. As the price of gold has increased recently, investors have shown interest in gold, which is considered safe for investment. Experts say that imports have also increased due to this.
In the first four months of the current fiscal year alone, diesel worth Rs 31.89 billion, petrol worth Rs 22.37 billion and cooking gas worth Rs 18.8 billion were imported, according to the department. Diesel, petrol, LPG gas have a major contribution to increasing the trade deficit. These items are only imported. The government has emphasized electric vehicles to replace diesel and petrol imports, while it has been emphasizing electric stoves to discourage gas imports. But it has not been effective.
According to the department, 18.23 million kg of cardamom worth Rs 3.97 billion 4.3 million has been exported to India. 14.24 million liters of sunflower oil worth Rs 2.73 billion 2.8 million have been exported to India. Carpets worth Rs 3.26 billion, sunflower seeds and oil worth Rs 2.73 billion, unbleached jute yarn worth Rs 2.15 billion, refined palm oil worth Rs 2.77 billion, and yarn worth Rs 2.6 billion have been exported.
Nepal has been trading with more than 142 countries. But the department does not publish the statistics of countries with trade of less than 100,000 rupees in its monthly report. Nepal has been doing profitable trade with only 29 countries. It does profitable trade with countries including Denmark, Romania, Sweden, Iraq, Fiji, Lebanon, and Colombia.
The department has data that in the four months of the current fiscal year, while importing goods worth 49.997 million, it exported goods worth 324.414 million. Various items used to feed animals, including antibiotics, have been imported from Denmark. Items such as felt materials, jerseys, various clothes, pickles, pasta, and others have been exported.
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How much of which item was imported?
Crude soybean oil: 37.96 billion
Diesel: 31.89 billion
Petrol: 22.37 billion
LPG gas: 18.8 billion
Diammonium hydrogen orthophosphate: 17.15 billion
Ferrous materials: 17.5 billion
Mobile phones: 16.15 billion
Gold: 15.72 billion
Iron and steel: 10.17 billion
...
Which items were exported for how much?
Refined soybean oil: 38.43 billion
Cardamom: 3.97 billion
Carpet: 3.26 billion
Sunflower seeds and oil: 2.73 billion
Unbleached jute yarn: 2.15 billion
Refined palm oil: 2.70 billion
Yarn: 2.60 billion
Mixed juice: 1.76 billion
Black tea: 1.54 billion
