August 4: Nepal’s trade deficit of Nepal in the last fiscal year (FY) stood at more than Rs 1.3 trillion. In other words, the amount of import into the country is much more than the export. Experts suggest that there is no alternative to increasing exports to reduce the trade deficit.

If the government can systematically produce and expand exportable goods and services, the trade deficit can be reduced by earning a significant amount of foreign exchange. Nepal is making good income from the export of some of its products, including carpets, cardamom, amriso (broom grass), dog and cat food, yarsagumba etc. The country earned more than Rs 24 billion in the last year from the export of these items.

According to the statistics of the Department of Customs, carpets worth more than Rs 41 billion were exported from Nepal in the last five years. According to the department, in the last fiscal year (FY 2079/80), carpets worth Rs 11.5 billion were exported from Nepal.

The carpets produced here are exported to the USA, Germany, the UK and other countries. Such carpets made of wool are in high demand especially in America and Europe. In the fiscal year 2021/22, carpets worth Rs 9.56 billion were exported from Nepal.

Cardamom worth eight billion exported

According to the department, cardamom worth more than Rs 8 billion were exported last year. Cardamom export plays a major role in the country's foreign trade. Last year, cardamom worth Rs 8.27 billion were exported against Rs 4.81 billion in the previous year.

Nepal exports cardamom to India, Pakistan, Italy and Germany.

Exports of dog and cat food increasing

In the last few years, the items exported from Nepal also include dog and bird food. The Department of Customs has released the details of the export of such goods worth Rs 10 billion from the country in the last five years.

In last year alone, such goods worth Rs 3 billion were exported from the country, according to a public statement issued by department.

Export of amriso exceeds Rs 3 billion in five years

Among the items exported from Nepal also falls amriso (broom grass). According to the department, in the last five years, the country earned a total income of Rs 3.33 billion by exporting amriso. Last year, amriso worth Rs 1.88 billion was exported to India. The main destination of amriso exported from Nepal is India.

Yarsagumba worth Rs 440 million exported in a year

According to the department, Yarsagumba worth Rs 443.1 million were exported last year. Last year’s export of Yarshagumba, a herb found in the high Himalayas of Nepal, was the highest in the past five years.