Business loss of 1 trillion 16 billion rupees in one month

It is mentioned in the foreign trade data of the first month of the current financial year released by the Customs Department that goods worth 12.22 billion 61 million rupees were exported in July. The department says that there was a trade loss of 1 trillion 16 billion 159 million rupees in July.

Imports and exports of the current financial year have decreased compared to July of the previous financial year. According to the department, import decreased by 0.67 percent and export decreased by 9.63 percent. In July of the last financial year, goods worth 1 trillion 29 billion 23 billion rupees were imported and goods worth 13 billion 52 billion rupees were exported. In July last financial year, exports decreased by 8.65 percent and imports by 1.56 percent.

While the current fiscal year imports have decreased by 0.67 percent only. Compared to July of the last financial year, the decrease in exports in July this year has increased by 0.98 percent. Compared to July of the last financial year, the trade deficit in July this year is 446 million 58 thousand rupees more. According to the

department, India alone has a trade deficit of 70 billion 104.2 million last July. According to the data of the department, while Nepal imported goods worth 77.68 billion 31 million rupees from India in July, Nepal exported only 7.57 billion 88 million rupees worth of goods. After India, China has a trade deficit equal to 24 billion 384 million rupees, the department said. While imports from China amount to 24.54 billion 23 million, only 15.76 million have been exported. According to the data of the department, the trade deficit with Qatar is 2.91 billion rupees, 2.30 billion rupees with Ukraine, 1.92 billion rupees with Australia and 1.55 billion rupees with Bahrain.

In July of the current financial year, the department has said that while doing business with 102 countries including other countries, only 13 countries are profitable. The United Kingdom has the highest trade profit of Rs.183.466 million. Afghanistan has 100.78 million and Belgium has 2.51 million business profit is shown by the department.

Nepal's most imported items include petroleum products, iron products, smartphones, crude sunflower oil, etc. In July alone, Nepal imported diesel worth 6.98 billion 71 lakhs, petrol worth 5.69 billion 35 lakhs and cooking gas worth 4.82 billion 66 lakhs. Urea fertilizer worth 4.27 billion 77 million, iron production worth 3.72 billion 72 million, iron less than 3 mm thick worth 3 billion rupees and raw sunflower oil worth 2.63 billion 19 million rupees have been imported.

Exports include carpets, yarn, black tea, iron and steel, mustard and mustard seeds. According to the department, carpets worth 1 billion 11.75 million were exported in July. Similarly, yarn worth 582 million rupees, black tea worth 51 million 32 million rupees and 600 mm thick iron and steel worth 47 million 97 million rupees have been exported.

According to the data of the department, cardamom is partly responsible for the decline in exports. Cardamom worth Rs 964.6 million was exported in July last financial year. While in July of the current financial year, the data of the department shows that only 16 million 12 million cardamom was exported. According to the Nepal Cardamom Traders Federation, cardamom production is decreasing due to various reasons including lack of timely rains and undesired rains for the last two years.

Cardamom production decreased by 50 percent in the last financial year and the production may decrease by 20 to 25 percent this year. The department said that the export of other yarns has also decreased. In July of the last financial year, other yarn worth Rs. 441.6 million was exported, while in the same period of the current financial year, only Rs. 341.7 million were exported. 600 mm clay iron and steel (plastic coated) export of Rs 389.99 million last year, in July this year the export was only Rs 230 million.