Total Import Figure Stood Rs 15.92 Kharba Last Year; Trade Deficit For FY 2080/81 At Rs. 14.4 Kharba
Nepal witnessed a notable improvement in its trade balance during the fiscal year 2080/81 as trade deficits decreased by 0.96% compared to the previous fiscal year 2079/80. The country's imports experienced a decline, dropping by 1.16% during the same period, mainly attributed to the strict measures imposed by the government. According to data released by the Customs Department, the total imports stood at Rs. 15.92 Kharba in the financial year 2080/81.
While the decrease in imports was significant, the rate of decline in exports surpassed that of imports. Nepal's exports experienced a decrease of 3.03%. Exports accounted for Rs. 1.52 Kharba worth of goods during the same fiscal year.
The disparity between imports and exports resulted in a trade loss amounting to Rs. 14.4 Kharba in FY 2080/81. To provide context, in the financial year 2079/80, Nepal faced a trade deficit of Rs. 14.54 Kharba. The import value for that year was Rs. 16.11 Kharba, while exports were recorded at Rs. 1.57 Kharba.
TOP 10 EXPORTS FOR THE FISCAL YEAR 2080/81
In the fiscal year 2080/81, Nepal's trade landscape showcased significant changes with notable implications for the country's economy. The top exports for the mentioned fiscal year were led by "Iron and Steel," which accounted for an impressive value of Rs. 15.65 Arba. Following closely in the export lineup were "Coffee, tea, mate, and spices," contributing Rs. 13.44 Arba, and "Man-made staple fibers," amounting to Rs. 11.69 Arba.
These export segments demonstrated resilience in the face of economic challenges and showcased Nepal's capacity to cater to global demands for these products.
TOP 10 IMPORTS FOR THE FISCAL YEAR 2080/81
On the import side, Nepal experienced a decline in merchandise goods imports, which played a key role in limiting the trade deficit. The top imports for the fiscal year 2080/81 were dominated by "Mineral fuels, mineral oils, and products of their distillation," amounting to Rs. 3.37 Kharba. "Iron and steel" imports followed closely behind, with a value of Rs. 1.24 Kharba.
Furthermore, "Boilers, machinery, and mechanical appliances" imports were recorded at Rs. 1.09 Kharba, while "Electrical machinery and equipment" accounted for Rs. 1.06 Kharba. The reduced imports of machinery and equipment signaled the challenges faced by industries in the wake of economic constraints during the fiscal year.
