First Business News Portal in English from Nepal
KATHMANDU: Merchandise exports has increased 32.2 percent to Rs 108.48 billion in the first ten months of 2020-21 compared to an increase of 4.5 percent in the same period of the previous year, as per latest statistics released by Nepal Rastra Bank (NRB) today.
Destination-wise, exports to India and other countries increased 35.8 percent and 25.3 percent respectively whereas exports to China decreased 18.4 percent. Exports of soyabean oil, cardamom, jute goods, polyster yarn and threads, woolen carpet, among others, increased whereas exports of palm oil, pulses, zinc sheet, wire, cattlefeed, among others, decreased in the review period.
Meanwhile, merchandise imports increased 22.3 percent to Rs.1254.11 billion against a decrease of 13.0 percent a year ago. Destination-wise, imports from India, China and other countries increased 29.8 percent, 17.2 percent and 6.2 percent respectively. Imports of transport equipment & parts, crude soyabean oil, M.S. billet, rice, telecommunication equipment and parts, among others, increased whereas imports of aircraft spareparts, crude palm oil, petroleum products, video television and parts, silver, among others, decreased in the review period.
Total trade deficit increased 21.5 percent to Rs.1145.63 billion during the ten months of 2020/21. Such a deficit had decreased 14.2 percent in the same period of the previous year. The export-import ratio increased to 8.6 percent in the review period from 8.0 percent in the same period of the previous year.
Similarly, remittance inflows increased 19.2 percent to Rs.809.89 billion in the review period against a decrease of 6.3 percent in the same period of the previous year.
The current account remained at a deficit of Rs.247.08 billion in the review period compared to a deficit of Rs.96.18 billion in the same period of the previous year.
Balance of Payments (BoP) registered a surplus of Rs.7.75 billion in the review period as compared to a surplus of Rs.120.90 billion in the same period of the previous year.
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