Nepal Imports Petroleum Products Worth Rs. 3.83 Kharba For The Fiscal Year 2078/79; Trade Deficit of Rs. 17.20 Kharba, Which is About The Annual Budget of Nepal
We list Nepal’s export-import trends for merchandise goods in FY 2078-79. Nepal’s trade deficits have soared 23 percent compared to the last fiscal year 2077/78. According to statistics, Nepal imported goods worth Rs. 19.20 Kharba in the financial year 2078/79. Likewise, Rs. 2 Kharba worth of goods have been exported. This has resulted in a trade loss equal to Rs. 17.20 Kharba. This is about the annual budget of Nepal.
In the current fiscal year 2079/80, the government is implementing a budget of Rs. 17.93 Kharba. In the financial year 2077/78, there was a trade deficit of Rs. 13.98 Arba. In that year, the import was Rs. 15.39 Arba, while the export was Rs. 1.41 Kharba rupees.
According to the annual data for the fiscal year 2078/79 released by the Customs Department, the size of Nepal's foreign trade is equal to Rs. 21.20 Kharba. This is 26 percent more than the last financial year 2077/78. In that year, the size of foreign trade was equal to Rs. 16.80 Kharba.
In foreign trade, the share of exports is 9.43 percent, while the share of imports is 90.57 percent. As a result, the trade deficit is also high.
TOP 10 IMPORTS FOR THE FISCAL YEAR 2078/79
Nepal’s import of merchandise goods has surged even higher than last year resulting in a high trade deficit. Major factors contributing to this soaring import bill include sharp growth in imports of crude oil, electronics, and vegetable/animal oils as the economy reopened and business and consumption activity stabilized.
Rising prices of commodities, including crude oil and coal, have played a significant role in adding to Nepal’s import valuation. According to the data of the Customs Department, petroleum products (mineral fuels & oils) worth Rs. 3.83 Kharba have been imported. Likewise, During the period of one year, iron and steel worth Rs. 1.61 Kharba were imported.
India remained the top source of Indian imports during FY 2078-79 followed by China, Indonesia, the United States, and UAE.
TOP 10 EXPORTS FOR THE FISCAL YEAR 2078/79
Taking about the country's exports, It crossed Rs. 2 kharba in a fiscal on healthy performance by sectors such as animal and vegetable oils, fibers and carpets and related floor coverings, according to the customs department's data. Previously, Nepal had managed to export goods worth Rs. 1.41 Kharba. Exports have increased by 42 percent in the current fiscal year as compared to last year.
It is worth noting that raw materials and intermediates account for a considerable proportion of Nepal’s exports, while finished products have an overwhelming presence in Nepal’s imports basket.
