KATHMANDU, Jan 21: Nepal’s exports surged 31.78 percent in the first six months of the current fiscal year thanks to the resurgence of refined soybean and sunflower oil business.
The records maintained by the Department of Customs (DoC) show that the country earned Rs 23.82 billion more in its merchandise trade during mid-July and mid-January this year, compared to the same period of the last FY. In monetary value, the export surged to Rs 98.78 billion from Rs 74.96 billion.
The business of soybean and sunflower oil were the main factors behind the boost in the country’s exports. In the past six months, Nepal exported soybean oil worth Rs 18.91 billion and sunflower oil worth Rs 4.98 billion.
Besides edible oil, carpets also contributed to the country’s impressive earning from exports. During the review period, the country exported carpets worth Rs 5.61 billion. Likewise, cardamom exports generated Rs 4.56 billion and tea yielded Rs 2.96 billion in earnings for the country.
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After facing a slump for a protracted period, the country’s foreign trade has started to improve since the past two months. According to the DoC, both the exports and imports of the country had reported negative growth as of mid-October in the first three months of the current FY.
After mid-October, the country’s imports increased 7.06 percent to Rs 822.37 billion. In the corresponding period last year, Nepal had imported goods worth Rs 768.16 billion.
Diesel topped the list of items with the highest import value. Over the last six months, the country imported diesel worth Rs 54.36 billion, petrol worth Rs 32.14 billion, and LPG (liquefied petroleum gas) worth Rs 29.79 billion.
With the import value of Rs 20.17 billion, the raw materials for soybean oil ranks fifth on the list of the most imported goods. The raw material for soybean oil was largely imported from Argentina.
Likewise, the raw material for sunflower oil stood in the eighth position on the list of highly imported goods. The product under the heading was imported from Ukraine, which made up a cumulative value of Rs 11.67 billion.
According to the DoC, the import jumped by Rs 161 billion in the last month alone. This is the first time that imports exceeded Rs 150 billion in a single month, which indicates that the country’s demand has started to grow, say analysts.
Due to the heavy surge in import expenses compared to the export earnings, the trade deficit increased by 4.38 percent. During the review period, Nepal faced a negative balance of Rs 723.58 billion in its foreign trade.
