Trade and economic activities in Nepal have gathered steam in the current fiscal year 2020/21 after coming to a grinding halt amid the pandemic in the last fiscal.
According to the Department of Customs, the Himalayan nation exported goods worth NPR 121.25 billion in the first 11 months of the current FY, an increase of 37.78% from the same period last FY 2019/20. The exports amounted to NPR 88 billion in the review period last fiscal.
Legume oil, carpet, cardamom, tea, and jute carpet remained the top export goods in the current fiscal.
Likewise, Nepal imported goods worth NPR 1383.36 billion during the review period this fiscal, which is 25.67% more than that in the last fiscal. In the previous fiscal, the nation had imported goods and services worth NPR 1100.81 billion.
The top importing goods in the current FY are diesel, iron products (steel), legume oil, mobile phone, cooking gas, and petrol.
According to the Customs Department, the imports contributed a share of 91.94% to the nation’s foreign trade, while the exports stand at 8.06%.
In line with this, Nepal’s trade deficit in FY 2020/21 has worsened by 24.1%.
In the latest month period from mid-May to mid-June, the South Asian country imported goods worth NPR 129.25 billion while the exports amounted to just NPR 12.77 billion.
Stay Tuned to NepaliSansar for Latest Nepal Economy News!