Nepal's Import Up By 31.97%, What Is The Country's Biggest Imports/Exports This Fiscal Year?

Nepal's foreign trade statistics for the first nine months of the fiscal year 2078/79 have been unveiled. Nepal’s trade deficit rose 28.47 percent to Rs. 13.06 Kharba as against Rs. 10.16 Kharba in the previous year, the government data showed on Thursday. The trade deficit is the amount by which the cost of a country's imports exceeds the value of its exports.

Taking about the country's exports, It crossed Rs. 1.6 kharba in a fiscal on healthy performance by sectors such as animal and vegetable oils, fibers, gems and jewelry, and carpets and related floor coverings, according to the customs department's data. Previously, Nepal had managed to export goods worth Rs. 94.76 Arba only. Exports have increased by 69.44 percent in the current fiscal year as compared to last year.

Here is the list of the top ten exported goods by Nepal during the first nine months of the Fiscal Year. (Shrawan-Chaitra)

Imports during FY 2078-2079, on the other hand, saw an incline of 31.97 percent, amounting to RS. 14.66 kharba. However, In the corresponding period of the previous year, Nepal had imported goods worth Rs. 11.11 Kharba.

Mineral fuels and Iron/steel remained the top imported items, with an increased demand for Machinery equipment and animal/vegetable fats and oils.

Here is the list of the top ten imported goods by Nepal during the first nine months of the Fiscal Year. (Shrawan-Chaitra)

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. 

Nepal imported the highest worth of goods from India. China is the second-largest exporter of Nepal, followed by the Indonesia and the United States.

On the other side, Nepal exports the most goods to India. The USA is the second-largest importer of Nepalese products. It is then tailed by Germany, which is tailed by the Turkey.