KATHMANDU, Oct 24: Nepal imported goods worth Rs 128.21 billion last month, which was almost half of the figure that the country spent on the heading in the first two months of the current fiscal year.
The first quarterly report on Nepal’s foreign trade unveiled by the Department of Customs (DoC) shows that the country’s import figures during mid-September and mid-October stood 48.83 percent of the total import expenditure of Rs 262.55 billion made during mid-July and mid-September. According to the department, the surge in imports was due to the Dashain and Tihar, the biggest festivals of the Hindus.
Imports increase in third month of current FY
The records with the DoC show that the country’s total import in the first three months of the current FY stood at Rs 390.75 billion, down from Rs 407.75 billion in the same period last year. The major imports included fossil fuel, iron and related products and agriculture related goods.
Likewise, the country’s export earning during the review month was 52.95 percent of the total figure in the previous two months. During mid-July and mid-September, Nepal exported goods worth Rs 25.09 billion, which rose to Rs 38.38 billion by mid-October. It shows a growth of export worth Rs 13.29 billion in the last month alone.
Along with the surge in imports and exports last month, the government’s customs revenue collection also increased by a notable amount. Out of the total customs revenue worth Rs 112.12 billion collected in the first quarter, Rs 37.80 billion was collected alone during mid-September and mid-October. It represents 50.87 percent of the revenue collection under the heading in the previous two months.
Despite a growth seen in imports and exports in the recent month, the figure of foreign trade is still not encouraging for the country. According to the DoC, the overall imports decreased by 4.17 percent whereas exports also went down 6.11 percent in the first quarter.
As of the first quarter end, Nepal imported goods worth Rs 407.76 billion, while the export earnings stood at Rs 40.87 billion, one-tenth of the import expenditure. As a result, the country faced a substantial trade deficit of Rs 352.37 billion in the review period.
