September 18: Nepal’s trade deficit decreased 0.7 percent to Rs 115.71 billion during the first month of the current fiscal year (FY 2023/24), according to the latest report of Nepal Rastra Bank.
The Current Macroeconomic and Financial Situation Report published by NRB on Sunday states that such a deficit had decreased 10.4 percent in the corresponding period of the previous year.
The report added that the export-import ratio decreased to 10.5 percent in the review period from 11.3 percent in the corresponding period of the previous year.
During the first month of FY 2023/24, merchandise exports decreased 8.7 percent to Rs 13.53 billion compared to a decrease of 28.7 percent in the same period of the previous year.
Destination-wise, exports to India decreased 20.8 percent whereas exports to China and other countries increased 527.2 percent and 15.4 percent respectively.
Exports of cardamom, zinc sheet, particle board, juice, ginger, among others increased whereas exports of palm oil, soybean oil, medicine (Ayurvedic), pashmina, silverware and jewelries, among others decreased in the review period.
During the first month of FY 2023/24, merchandise imports decreased 1.6 percent to Rs 129.24 billion compared to a decrease of 12.9 percent a year ago.
Destination-wise, imports from India and China increased 3.3 percent and 17.0 percent respectively while imports from other countries decreased 23.1 percent. Imports of rice, paddy, MS wire rod, bars, coils, chemical fertilizer, hot rolled sheet in coil, electrical goods, among others increased whereas imports of petroleum products, crude soybean oil, crude palm oil, medicine, MS billet, among others decreased in the review period.
Based on customs points, exports from Bhairahawa, Dry Port, Jaleswar, Kanchanpur, Krishnagar, Mechi, Nepalgunj, Rasuwa and Tribhuwan International Airport customs offices increased whereas exports from all the other major customs points decreased in the review period.
On the import side, imports from Bhairahawa, Dry Port, Jaleshwar, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani customs offices increased whereas imports from all the other major customs points decreased in the review period.
