KATHMANDU, Oct 28: Nepal's exports reached Rs 114.28 billion in the first quarter of the current fiscal year, marking one of the highest export earnings recorded by the country during the period.
According to the Department of Customs (DoC), export earnings between mid-July and mid-October increased by 57.03 percent compared to Rs 72.78 billion recorded during the same period of the previous fiscal year.
Vegetable oil remained the largest export commodity, accounting for Rs 59.32 billion in earnings over the three-month period. Soybean oil alone contributed Rs 52.60 billion, while exports of sunflower oil and palm oil generated Rs 2.53 billion and Rs 2.42 billion, respectively.
Yarn was the second-largest export item, earning the country Rs 4.97 billion. Exports of tea, coffee and spices totaled Rs 4.65 billion, while shipments of woolen carpets and textile products amounted to Rs 3.72 billion.
Nepal’s foreign trade declines, trade deficit reaches over Rs 1...
India remained Nepal's largest export destination, with exports worth Rs 95.59 billion during the review period. China ranked second, with exports totaling Rs 670 million.
Nepal earned more than Rs 315 billion from exports in the last fiscal year. Based on first-quarter performance, the country is on track to achieve record-high export earnings in the current fiscal year.
DoC data show that exports accounted for 15.02 percent of Nepal's total foreign trade during the review period, an increase of 11.59 percentage points. Meanwhile, the share of imports declined by 1.80 percentage points to 84.98 percent.
Despite the sharp rise in exports, Nepal's trade deficit widened by 34.71 percent due to a surge in imports. The country's trade deficit stood at Rs 532.49 billion in the first quarter, compared to Rs 395.30 billion in the corresponding period last year.
Imports continued to rise, largely driven by increased demand during the festive season. In the last month alone, Nepal imported goods worth Rs 245.26 billion. As a result, total imports in the first quarter climbed 38.18 percent to Rs 646.78 billion, up from Rs 468 billion in the same period of the previous fiscal year.
Fuel and raw materials used in vegetable oil production accounted for a significant share of total imports. Nepal imported fuel worth Rs 119 billion during the three-month period.
Similarly, imports of raw materials for vegetable oil reached Rs 66.66 billion. The country also spent Rs 53.19 billion on vehicle and spare parts imports during the review period.
Other major import categories included machinery and mechanical parts worth Rs 42.11 billion, electrical equipment worth Rs 40.84 billion, iron and steel worth Rs 39.37 billion, and fertilizers worth Rs 32.75 billion.
Argentina emerged as Nepal's third-largest source of imports, with imports worth Rs 35.65 billion, largely comprising crude edible oil. Nepal also imported goods worth Rs 11.56 billion from Saudi Arabia, while imports from Brazil totaled Rs 9.04 billion.
