December 16: Nepal’s exports decreased by 33.3 percent in the first four months of the current fiscal year, according to the latest report of Nepal Rastra Bank.

The Current Macroeconomic and Financial Situation Report of Nepal released by the central bank on Thursday states that merchandise exports decreased 33.3 percent in the first four months of FY 2022/23 amounting Rs 54.77 billion against an increase of 104.3 percent in the same period of the previous fiscal year.

Destination-wise, exports to India and China decreased 42.3 percent and 34.2 percent respectively whereas exports to other countries increased 7.4 percent. Exports of zinc sheet, particle board, woolen carpets, tea, readymade garments, among others, increased whereas exports of soybean oil, palm oil, oil cakes, jute goods, textiles, among others, decreased in the review period, the repot states.

During the first four months of FY 2022/23, merchandise imports decreased 18.1 percent amounting to Rs 532.69 billion against an increase of 61.6 percent a year ago. Destination-wise, imports from India, China and other countries decreased 16.5 percent, 20.9 percent, and 20.1 percent respectively.

According to the NRB report, imports of petroleum products, chemical fertilizer, sponge iron, gold, aircraft spare parts, among others, increased whereas imports of transport equipment and parts, silver,  telecommunication equipment and parts, MS billet, crude soybean oil, among others, decreased in the review period.

Based on customs points, exports from Dry Port, Jaleshwar, Kailali, Krishnanagar, Mechi and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period.

On the import side, imports from Jaleshwar Customs Office increased whereas imports from all the other major customs points decreased in the review period.

Total trade deficit decreased 15.9 percent to Rs 477.92 billion during the four months of FY 2022/23. Such a deficit had increased 56.8 percent in the corresponding period of the previous year. The export-import ratio decreased to 10.3 percent in the review period from 12.6 percent in the corresponding period of the previous year.

During the four months of FY 2022/23, merchandise imports from India by paying convertible foreign currency amounted Rs 42.69 billion. Such amount was Rs 71.40 billion in the same period of the previous year, added the NRB.