Overall exports and imports declined 4.15 percent during mid-July and mid-November
KATHMANDU, Nov 24: Nepal spent Rs 104.75 billion on imported goods while the earning from export was mere Rs 9.69 billion in the past one month.
Foreign trade decreases by Rs 311 billion
The country spent a major chunk to import electric vehicles, among others, during mid-October and mid-November. According to the records with the Department of Customs (DoC), the country imported 652 units of electric four wheelers worth around Rs 1.83 billion in the period.
Likewise, the revenue from the cement business abroad contributed Rs 280 million in export earnings last month. After the government started providing eight percent cash incentives on cement exports, a number of cement manufacturers have been attracted to export their products.
The four-month trade statistics unveiled by the DoC show both the imports and exports figure were down during the period. At the time the country was reeling under an economic slowdown, the total volume of trade shrunk by 4.15 percent to Rs 563.06 billion.
According to the DoC, the country imported goods worth Rs 512.50 billion during mid-July and mid-November this year. The amount was less than the imports worth Rs 532.69 billion in the same period last year. The imports declined by 3.79 percent although the major festivals including Dashain and Tihar fell within the period.
Likewise, the country’s export earnings also dropped 7.68 percent to Rs 50.56 billion. Due to a notable fall in imports, the trade deficit also moderated 3.34 percent. During the period, Nepal witnessed a negative balance of Rs 461.93 billion in its trade position.
