December 16: Nepal’s total trade deficit increased by 56.8 percent to Rs 568.17 billion during the first four months of the current fiscal year (FY 2021/22). According to Nepal Rastra Bank (NRB), such a deficit had contracted 12.5 percent in the corresponding period of the previous fiscal year.

The export-import ratio increased to 12.6 percent in the review period from 10.0 percent in the corresponding period of the previous year, states the Current Marcoeconomic and Financial Situation Report published by the NRB on Wednesday (December 15).

According to the report, merchandise exports increased by 104.3 percent to Rs 82.12 billion in the first four months of the current fiscal year compared to an increase of 10.8 percent in the same period of the previous year. Destination-wise, exports to India, China and other countries increased 140.2 percent, 7.3 percent, and 23.5 percent respectively.

The export of palm oil, soybean oil, oil cakes, polyester yarn and thread, jute products, among others, increased whereas the export of tea, cardamom, wire, zinc sheet, copper wire rod, among others, decreased in the review period.

During the first four months of FY 2021/22, merchandise imports increased 61.6 percent to Rs 650.29 billion against a decrease of 10.6 percent a year ago. Destination-wise, imports from India, China and other countries increased 46.1 percent, 56.9 percent, and 117.2 percent respectively, states the NRB report. Imports of petroleum products, transport equipment, vehicle and spare parts, crude palm oil, crude soybean oil, silver, among others, increased whereas imports of cement, chemical fertilizer, pulses, molasses sugar, rice/paddy, among others, decreased in the review period.

Based on customs points, exports from Kanchanpur, Krishnanagar, Mechi and Nepalgunj Customs Office decreased whereas exports from all the other customs points increased in the review period. On the import side, imports from all the major customs points increased in the review period.