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Exports Increased in Six Months as Imports Declined

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With the constantly changing political scenarios and lack of proper governance, the economic condition of Nepal has always been complicated. However, some positive changes are seen as the rate of export has increased compared to import rate. In the first six months of the current fiscal year, the commodity import has declined by 4.8 percent. While the import rate is low, exports has increased by 6.1 percent to Rupees 60.80 billion. According to the released economic and financial data for the first six months of the current fiscal year, such exports has increased by 26.1 percent in the corresponding of the previous year. The economic condition of Nepal has been quite progressive this fiscal year.

Export

The export to India and other countries has increased by 8.4 and 4 percent respectively. However, exports to China fell by 50 percent. Moreover, the export of goods like cardamom, yarn (polyester and others), jute goods, pashmina, noodles and other commodities have increased. Similarly, exports of palm oil, pulses, zinc sheets, juice, wire and other commodities have declined. Also, the department has collected Rs 187 billion in revenue. Their target is to collect Rs 440 billion in revenue this fiscal year.

Import

The total merchandise imports declined by 4.8 percent to Rs. 661.25 billion in the first six months of fiscal year 2077/2078. Such imports had declined by 4 percent in the corresponding period of the previous year. Imports from India increased by 3.5 percent. However, imports from China and other countries declined by 18.5 percent and 17.4 percent respectively. Besides this, the total trade deficit decreased by 5.8 percent to Rs. 645 million. Such a deficit had decreased by 6.1 percent last fiscal year. The export-import ratio reached 9.2 percent during the review period. However, the ratio was 8.2 percent last year.

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