Kathmandu. Nepal has exported edible oil worth about Rs 56 billion in the last eight months. Exports have increased significantly by importing raw materials from abroad and processing and selling edible oil in Nepal after adding value.
According to the foreign trade statistics of the current fiscal year up to mid-Falgun made public by the Department of Customs, imports have increased by 11.20 percent and exports by 57.20 percent this year compared to the same period of the last fiscal year. That is, edible oil has seen a very large share in Nepal’s exports this year compared to last year.
In the last eight months, Nepal has exported only soybean oil worth Rs 47.9466 billion out of the exports of Rs 158 billion. Similarly, sunflower oil worth Rs 7.9823 billion, cardamom worth Rs 5.8373 billion, and carpet worth Rs 4.3239 billion have been exported.
According to the department, the country has incurred a loss of Rs 987.3938 billion in foreign trade worth Rs 1333.738 billion in the second quarter of the current fiscal year. In the last eight months, goods worth Rs 1145.566 billion have been imported, while exports worth Rs 158.172 billion have been exported.
With neighboring country India alone, Nepal has incurred a trade deficit of Rs 563.67 billion in the eight months. From last Shrawan to Falgun, while imports from India were worth Rs 688.68 billion, exports were worth Rs 125 billion. With imports of Rs 219.18 billion and exports of Rs 2.12 billion with China, Nepal has incurred a trade deficit of Rs 21.7 billion.
Also, Nepal’s trade deficit with countries including Argentina, Ukraine, the United Arab Emirates, and Australia is high. During that period, Nepal is profitable in trade with 34 countries. Nepal is profitable in foreign trade with countries including Afghanistan, Denmark, Russia, Austria, and the Maldives.
Imports of petroleum products are high during that period. In the last eight months, Nepal has imported diesel worth Rs 78.86 billion, petrol worth Rs 42.80 billion and LPG worth Rs 41 billion. Similarly, electric vehicles worth Rs 9.69 billion and other vehicles worth Rs 2.11 billion have been imported. The department also reports that 1,47,078 smartphones worth Rs 21.91 billion and 83 million were imported during this period.
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