KATHMANDU, March 26: Nepal exported edible oil worth about Rs 56 billion in the last eight months. The significant increase in exports resulted from importing raw materials, processing them in Nepal, and adding value before selling the edible oil abroad.
According to the foreign trade data published by the Department of Customs (DoC) for mid-March in the current fiscal year, imports increased by 11.20 percent, while exports rose by 57.20 percent compared to the same period last year. This shows that a substantial portion of Nepal's exports this year consists of edible oil.
In the last eight months, Nepal exported goods worth about Rs 158 billion. Of this, Nepal exported Rs 47.95 billion worth of soybean oil, Rs 7.98 billion worth of sunflower oil, Rs 5.84 billion worth of cardamom, and Rs 4.32 billion worth of carpets.
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According to the DoC, by the end of the second quarter of the current fiscal year, Nepal's total foreign trade reached Rs 1.3 trillion, resulting in a trade deficit of Rs 987.39 billion. In the last eight months, Nepal imported goods worth Rs 1.145 trillion and exported goods worth Rs 158.17 billion.
Nepal has faced a trade deficit of Rs 563.67 billion with its neighboring country, India, in the last eight months. From mid-July to mid-March, Nepal imported goods worth Rs 688.68 billion from India and exported goods worth Rs 125 billion.
With China, Nepal has incurred a trade deficit of Rs 21.7 billion, importing goods worth Rs 219.18 billion and exporting goods worth Rs 2.12 billion.
Nepal also faces a high trade deficit with countries like Argentina, Ukraine, United Arab Emirates, and Australia. However, Nepal has earned profits from trade with 34 countries, including Afghanistan, Denmark, Russia, Austria, and the Maldives.
During this period, Nepal has seen high petroleum imports. In the last eight months, the country imported Rs 78.86 billion worth of diesel, Rs 42.80 billion worth of petrol, and Rs 41 billion worth of LPG. Additionally, Nepal imported Rs 9.69 billion worth of electric vehicles and Rs 2.11 billion worth of other vehicles. The DoC's data also shows that Nepal imported 1.478 million smartphones worth Rs 21.92 billion during this period.
