Imports increase by 25.7 %, exports by 37.8 % in 11 months of 2020-21

KATHMANDU: The country recorded increment in exports by 37.8 percent and import by 25.7 percent in the first 11 months of the current fiscal year, as per Nepal Rastra Bank (NRB) statistics.

During the eleven months of 2020-21, merchandise exports increased 37.8 percent to Rs 121.25 billion compared to an increase of 0.2 percent in the same period of the previous year, reads the macroeconomic status report of the 11 months released by NRB today.

Destination-wise, exports to India and other countries increased 43.3 percent and 25.9 percent respectively whereas exports to China decreased 17.4 percent. Exports of soyabean oil, cardamom, polyster yarn and threads, jute goods, woolen carpet, among others, increased whereas exports of palm oil, pulses, zinc sheet, wire, cattlefeed,
among others, decreased in the review period.

Similarly, during the eleven months of 2020-21, merchandise imports increased 25.7 percent to Rs 1383.36 billion against a decrease of 15.3 percent a year ago. Destination-wise, imports from India, China and other countries increased 32.2 percent, 24.0 percent and 9.9 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, video television and parts, coldrolled sheet in coil, silver, among others, decreased in the review period.

Total trade deficit increased 24.6 percent to Rs.1262.11 billion during the eleven months of 2020-21. Such deficit had decreased 16.4 percent in the same period of the previous year. The export-import ratio increased to 8.8 percent in the review period from 8.0 percent in the same period of the previous year.

Meanwhile, the NRB report shows that the current account remained at a deficit of Rs 293.97 billion in the review period compared to a deficit of Rs 62.59 billion in the same period of the previous year. In the US Dollar terms, the current account registered a deficit of 2.51 billion in the review period compared to a deficit of Rs 578.5 million in the same period of the previous year.

Similarly, Balance of Payments (BoP) registered a deficit of Rs 15.15 billion in the review period against a surplus of Rs 179.37 billion in the same period of the previous year. In the US Dollar terms, the BOP recorded a deficit of 140.8 million in the review period against a surplus of 1.50 billion in the same period of the previous year.

Remittance inflows increased 12.6 percent to Rs 870.94 billion in the review period against a decrease of 3.2 percent in the same period of the previous year. In the US Dollar terms, remittance inflows increased 10.4 percent to 7.39 billion in the review period against a decrease of 5.2 percent in the same period of the previous year.

The y-o-y consumer price inflation stood at 4.19 percent in the eleventh month of 2020-21 compared to 4.54 percent a year ago. Food and beverage inflation stood at 6.22 percent whereas non-food and service inflation stood at 2.63
percent in the review month.