The country's foreign trade has increased by 46.43 percent in the first seven months of the current fiscal year.
Foreign trade of the country, which was Rs. 873.56 billion in the first seven months of the last Fiscal Year, has reached Rs. 1.279 billion in the corresponding period of the current Fiscal Year.
Despite the increase in foreign trade, the country's trade deficit is rising due to import-oriented foreign trade. According to data released by the Customs Department on Tuesday, the country's trade deficit increased by 38.45 percent in the first seven months of the current fiscal year. The trade deficit increased from Rs. 733 billion in the first seven months of the previous fiscal year to Rs. 10.15 trillion in the corresponding period of the current fiscal year.
According to the customs department, imports have increased by 42.78 percent compared to the first seven months of last year. In the first seven months of last Fiscal Year, the value of imports reached Eight Araba. Similarly, exports have increased by 88.30 percent in the corresponding period of the current Fiscal Year compared to the first seven months of FY 2077/78. Exports amounted to Rs. 69.91 billion up to mid-January last year, compared to Rs. 131 billion in the corresponding period of the current fiscal year.
In the first seven months of the last fiscal year, the share of imports in the total foreign trade was 92 percent, but in the current fiscal year, it has decreased by 2.49 percent to 89.71 percent. Similarly, the share of exports in foreign trade has increased by 28.60 percent. The share of exports in foreign trade has reached 10.29 percent in the corresponding period of the current fiscal year from 8 percent in mid-January last year.
In the first seven months of the current fiscal year, the import of diesel, one of the major contributors to Nepal's foreign trade, has been high. Diesel worth Rs. 72.96 billion has been imported in the first seven months of the current Fiscal Year. Similarly, soybean oil is second in imports. In the first seven months of the current Fiscal Year, more than 1.20 billion liters of soybean oil worth Rs. 39.66 billion was imported. Similarly, LP gas was imported at Rs 34.69 billion and petrol at Rs 33.56 billion, according to the department.
Similarly, soybean oil is the most exported commodity from Nepal. According to the latest data released by the department, soybean oil worth Rs 36.68 billion has been exported. As traders import and process soybean raw material from different countries, the contribution of soybean oil in the foreign trade is high. Palm oil is also one of the most exported commodities. Like soybean oil, palm oil is also imported raw material, refined and exported. As per the public statement, palm oil worth Rs. 34.15 billion has been exported in the first seven months of the current fiscal year.
Similarly, carpets worth Rs 5.70 billion and jute woven and other garments worth Rs 3.40 billion were exported, according to the department. According to the department, in the first seven months of the current fiscal year, Nepal has imported goods worth Rs. 696 billion from India and exported goods worth Rs. 106 billion. Nepal's trade deficit with India alone is over Rs 589 billion. Similarly, in the same period, Nepal imported goods worth Rs. 165 billion and exported goods worth Rs. 487.9 million.
In the first month of the current fiscal year, most of the goods worth more than Rs. Similarly, goods worth Rs. 184 billion were imported from Bhairahawa and more than Rs. 142 billion from Tribhuvan Airport. Nepal has exported goods worth Rs. 60.4 billion from Birgunj Customs, Rs. 37.55 billion from Biratnagar Customs and more than Rs. 18.78 billion from Tribhuvan Airport.
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