Currently, exports of conventional export items such as readymade garment, woolen carpet, Pashmina and silver jewelry have started taking a dip. Yet rise in exports of agro-produces has raised optimism for exports volume growth in the coming days. [break]
Statistics provided by the Trade and Export Promotion Center (TEPC), the official agency that compiles trade data, show that exports of lentil, tea, ginger, cardamom and medicinal herbs--some of the highly prioritized exportable items--went up in the seven-month period.
Exports of lentil, which is the key export item to Bangladesh, jumped 61 percent to 18,584 tons in the review period in comparison to that of the same period last year. Lentil exported during the period was valued at over Rs 2.23 billion. Production of lentil across the country was recorded at 208,201 tons in 2011/12.
Iron, steel, Pashmina, woolen products, black cardamom, tea, ginger, lentil, essential oil, instant noodles, precious metal, medicinal herbs and handmade paper are highly prioritized export products included in the Nepal Trade Integration Strategy (NTIS), the government´s blueprint on export promotion.
Nepal exported 3,263 tons of black cardamom valued at about Rs 2.11 billion in the first seven months of the current fiscal year--up 21.3 percent than the amount recorded in the same period last year. Nepal, which produced 6,026 tons of black cardamom during 2011/12, is one of the world´s largest producers and exporters of large cardamom.
Exports of tea, another leading exportable farm item, also rose by an impressive 37 percent to 6,651 tons (valued at Rs 1.2 billion) in the review period. Ginger exports also shot up by a whopping 284 percent to 45,026 tons (worth Rs 863 million) during the period. Nepal produced 255,208 tons of ginger in 2011/12.
Exports of medicinal herbs, on the other hand, soared by 97 percent in the review period. Medicinal herbs exported during the period were valued at Rs 989 million. Officials said exports of medicinal herbs has gone up significantly this year due to higher demand from China.
However, exports of natural honey dropped by 97 percent during the review period. Nepal exported honey worth Rs 5,000 in the seven-month period, as against Rs 215,000 recorded in the same period last year.
Exports of cereal also remained nominal during the review period. Nepal, which used to export huge quantity of cereals especially to India until the 1990s, is now importing the product.
Imports of cereal surged by 89 percent to Rs 11.62 billion in the review period. During the fiscal year 2011/12, Nepal imported cereal worth over Rs 13.41 billion.
Imports of luxury items grow by double digit
The TEPC´s report shows that imports of gold, silver, energy drinks, alcohol, tobacco and cosmetic items rose significantly in the first seven months of the current fiscal year. Imports of gold and silver jumped 21.8 percent to Rs 20.51 billion in the seven-month period as against the same period last year.
Imports of energy drink rose by 33.7 percent to Rs 480 million during the period, while alcohol products worth over Rs 1.03 billion were imported during the period, marking a hike of 44.9 percent.
Similarly, tobacco imports went up by 6.4 percent to Rs 1.24 billion and imports of cosmetic items increased by 30.2 percent to Rs 2.06 billion during the review period.
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