Nepal continues to reel under the impact of the coronavirus pandemic, with new cases spiking in recent weeks as the nation emerged from a strict nationwide lockdown.
Business activities in the country fell drastically as the pandemic hindered operations, reduced footfall in shops, and led to a decline in demand.
This, in turn, led to the fall in the nation’s import expenditure.
According to the Department of Customs, Nepal’s import expenditure dropped by 19.6% in the first month of the current FY 2020/21.
Nepal imported goods worth NPR 85.80 billion during mid-July and mid-August in the current fiscal, compared to NPR 106.72 billion worth import in the same period last fiscal.
Some of the top imports include:
On the other hand, Nepal’s export value stood at NPR 9.62 billion during the review period in the current fiscal, up by 8.86% from last fiscal.
Some of the top exports include:
The significant fall in imports and the rise in exports have led to the dramatic fall of 22% in the trade deficit.
The trade deficit stood at NPR 76.18 billion in the first month of the current fiscal, against NPR 97.88 billion in the last fiscal.
Likewise, the ratio of import to export declined to 8.92 from 12.08.