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Nepal Spends Rs 400 Billion on Luxurious Goods

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Nepal Spends Rs 400 Billion on Luxurious Goods
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January 25: Nepal imported luxurious and consumable goods worth almost Rs 400 billion within the first 6 months of the current fiscal year. Mainly, imports of petroleum products, mobiles, automobiles and parts, iron and steel sheets, crude soybean oil, palm oil, paddy-rice and gold and silver amounting to Rs 388 billion have been made so far.

According to the data of the Department of Customs, mobile sets worth more than Rs 25 billion have been imported to Nepal in the last six months. This is an increase of Rs 5 billion as compared to that of last fiscal year.

By mid-January of the last fiscal year, 3.66 million mobile sets worth Rs 20.63 billion were imported in Nepal. In the corresponding period of the current fiscal year, 3.56 million mobile sets worth Rs 25.62 billion have been imported.

Although the import of mobile sets has declined numerically, its value and customs duty have gone up by more than Rs 5 billion as compared to that of last year. The government has collected more than Rs 4.55 billion revenue from the import of mobile sets.

During the review period, Nepal has spent Rs 126 billion on vehicles and Rs 72 billion on spare parts. Similarly, Rs 40.92 billion has been used for the import of iron and steel sheet / coil. Crude soybean oil worth Rs 36.54 billion, palm oil worth Rs 27.49 billion, rice worth Rs 23.14 billion, gold worth Rs 22.03 billion and silver worth Rs 150 million have been imported in the review period.

Altogether goods worth Rs 999.34 billion have been imported from July to December. This is 51.13 percent more than that of the same period of last year. Goods worth Rs 661.24 billion were imported in the first six months of the last fiscal year.

The government had introduced a polict in the first week of December to control imports. However, the statistics do not show much change. Goods worth Rs 161 billion have been imported in December alone. The trade deficit has widened due to rising imports and weak exports. According to the statistics of the department, Nepal's trade deficit has reached Rs 880.49 billion in the last six months. This is 46.64 percent more than that of the same period of the last fiscal year.

 

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