Kathmandu, Nov. 24: Nepal’s exports as well imports have witnessed a significant fall during the first four months of the current fiscal year 2023/24

According to trade statistics made public by the Department of Customs Thursday, the country’s export has declined by 7.68 per cent during the first four months of the current fiscal year compared to the same period of last fiscal year 2022/23.

Goods worth Rs. 50.56 billion have been exported during the review period of the current fiscal year while it was worth Rs. 54.77 billion in the same period of last fiscal year.

The reduction in the export of palm oil and soybean oil led to decline in the overall export during the review period.

The country has exported soybean oil only worth Rs. 144 million in the first four months of the current fiscal year while soybean oil worth Rs. 5.32 billion had been exported in the first four months of last fiscal year.

Similarly, palm oil worth Rs. 1.88 billion has been exported in the first four months of the current fiscal year while it was worth Rs. 10.02 billion during the same period last fiscal year.

During the review period, yarn worth Rs. 3.76 billion, carpet worth Rs. 3.96 billion, tea and coffee worth Rs. 1.51 billion and cardamom worth Rs. 2.15 billion have been exported.

The statistics showed that the import of goods and services has decreased even in the festivals like Dashain and Tihar. In the month of Kartik, goods worth only Rs. 104.75 billion were imported.

During the review period, imports have decreased by 3.79 per cent during the review period of the current fiscal year. Goods worth Rs. 512.50 billion were imported in the review period. The country imported goods worth Rs. 532.69 billion in the same period last fiscal year.

It is clear that the market is facing a recession due to lower imports and no increase in domestic production this year than when the partial ban was imposed last year.

The crude palm oil worth Rs. 5.33 billion, crude soybean oil worth Rs. 5.79 billion and sunflower oil worth Rs. 5.52 billion have been imported during the review period.

In the first four months of the current fiscal year, petrol worth Rs. 22.87 billion, diesel worth Rs. 40.31 billion, aviation fuel worth Rs. 6.84 billion and liquefied petroleum gas worth Rs. 15.45 billion have been imported.

Trade deficit drops

Decline in both exports and imports have contributed to a fall in foreign trade during the review period.

The country’s foreign trade has decreased significantly during the first four months of the current fiscal year 2023/24.

According to the Department of Customs, foreign trade has decreased by 4.15 per cent to Rs. 563.06 billion during the first four months of the current fiscal year.

Owing to declines in export as well as import, there was some improvement in the overall trade deficit during the review period of the current fiscal year as compared to the same period last fiscal year.

The country faces a trade deficit of Rs. 461.93 billion. The trade deficit is 3.34 per cent less than the same period last year.  

The country had faced a trade deficit of Rs. 477.91 billion during the first four months of the last fiscal year.

During the review period, the ratio of import and export stood at 1: 10.14 while the ratio was 1: 9.73 during the same period in fiscal year 2022/23.   

The contribution of export and import to the total trade is 8.89 and 91.02 per cent respectively.