KATHMANDU: Nepal recorded a significant increase in both imports and exports during the first two months of the current fiscal year 2083/84.
Despite a sharp rise in exports, the trade deficit expanded by 26 percent to reach Rs 324.93 billion due to a much larger volume of imports.
According to the macroeconomic and financial report released by the Nepal Rastra Bank on Thursday, the trade deficit had grown by only 8.6 percent during the same period last year.
Total merchandise exports rose by 61.9 percent to Rs 76.59 billion during the review period. By destination, exports to India increased by 70.6 percent, to China by 137.6 percent, and to other countries by 22.7 percent. Key commodities driving export growth included soybean oil, polyester yarn, palm oil, zinc sheets, and particle board, while exports of Ayurvedic medicine, processed leather, pulses, Nepali paper, and herbs declined.
Meanwhile, total merchandise imports grew by 31.6 percent to reach Rs 401.52 billion. In the same period last year, imports had increased by 16.2 percent. Imports from India rose by 27.4 percent, from China by 17.2 percent, and from other countries by 56.6 percent. The import of petroleum products, chemical fertilizers, crude soybean oil, edible oil, and vehicles and spare parts increased, while imports of gold, paddy and rice, aircraft parts, and medical goods saw a decline.
