Nepal's exports to India increased in past three months
November 30, 2019 05:08 PM NPT
KATHMANDU, Nov 30: Nepal's exports to India have increased in the three months of the current fiscal year, Nepal Rastra Bank (NRB), the central bank, stated.
According to NRB, the export to India has gone up by 35.8%. The trade deficit with India has decreased with the increase in export to the southern neighbour in the last three months, the National News Agency reported quoting the central bank.
However, exports to China and other countries have decreased in the same period. The trade deficit with India last fiscal year was Rs 764.3 billion. Although export to China and other countries has gone down by 19.9 percent and 11.7 percent respectively in the current fiscal year, the total export in the same period has increased by 14.4 percent, NRB stated.
Export to India until October 17 in the fiscal year 2019/20 was equivalent to Rs 27.17 billion. Nepal's export to India includes palm oil, cardamom, ayurvedic medicines, jute products, yarn (polyester and others) which has increased while the export of goods like corrugated zinc sheets, juice, readymade garments, woollen carpets, wire etc. to China and other countries has decreased.
Meanwhile, the total import has decreased by 10.03 percent and reached Rs 334.95 billion in the last three months of the current fiscal year. This import had increased by 43.06 percent in the corresponding period of the previous year.
On the basis of the countries from where foods are imported, the import from India and other countries has decreased by 12.02 percent and 19.01 percent respectively whereas imports from China has increased by 11.06 percent, according to NRB.