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Nepal’s Trade Deficit Reaches Rs. 242.91 Billion During The Last Eight Months
By KTM Metro Reporter
April 23, 2012: the report on trade balance released by the Trade and Export Promotion Centre (TEPC) has indicated the trade deficit has increased by 16.8 per cent and reached Rs. 242.91 billion during the first eight months of the fiscal year 2011 in comparison to the trade deficit of Rs.207.94 billion during the same period of the last fiscal year, ‘The Rising Nepal’ of today writes.
During the reporting period, the total export increased by 8.4 per cent to Rs. 47.52 billion and the import by 15.3 per cent to Rs. 290.42 billion, foreign trade by 14.3 per cent reaching Rs. 337.94 billion in comparison to the Rs. 295.62 billion during the last year.
The key export items are carpet, readymade garment, textile, lintel, iron and steels goods, handicraft, cardamom, tea and herbal products. Yarns (polyester, cotton and others) products, carpet, textile and readymade garment hold the first, second, third and the fourth position respectively in the export. The destinations of the Nepal’s exports are the United States of America, Germany, Japan, Canada, the Netherlands and other countries.
Export of yarns increased by 5.3 per cent to Rs. 4.15 billion and carpet by 18.5 per cent to Rs. 3.71 billion during the review period; the export of textile and readymade garment increased by 22.6 per cent and 9.7 per cent to Rs. 3.31 billion and Rs. 2.93 billion respectively. Exports of lentil and tea dropped by 50.8 per cent and 12.4 per cent to Rs. 31.52 billion and Rs. 890 million respectively; export of woolen and pashmina shawls recorded a decline by 11.6 per cent to Rs. 970 million.
Export of cardamom, ginger, herbal products, handicraft, Nepali hand-made paper stood at Rs. 2.20 billion, Rs.245 million, Rs.440 million, Rs.202 million and Rs.348 million respectively.
The main import items are petroleum products that have increased by 30.8 per cent to Rs. 58.25 billion during the review period in comparison to Rs.44.54 billion during the same period of the pervious year. Gold became the second main import item that has increased by 469.5 per cent to Rs 16.23 billion as compared to Rs.2.85 billion during the same period of the last year.
However, the import of iron and steel products saw a drop by 5.8 per cent to Rs. 28 billion. Similarly, the import of vehicular items also decreased by 19.4 per cent to Rs. 14.31 billion during the eight months of the current fiscal year as compared to the same period of the last year. Import of the telecommunications materials also decreased by 9.2 per cent to Rs. 6.10 billion.
Most of the imported goods came from India, China, Argentina, Thailand, Malaysia, South Korea and Japan.
