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Kathmandu, Oct 27:  Nepal’s exports shot up sharply in the first three months of the fiscal year 2082/83, jumping nearly 90 percent compared to the same period last year, according to the Department of Customs. Imports also rose by 19 percent, pushing overall trade up by more than 26 percent.

The country’s total trade during the first quarter stood at Rs 5.40 trillion, with imports accounting for Rs 4.68 trillion and exports Rs 72.78 billion. In the same period last year, total foreign trade was Rs 4.29 trillion, with imports worth Rs 3.90 trillion and exports Rs 38.37 billion. Customs revenue collection also rose by Rs 8.65 billion.

Petroleum products continued to top the import list, totaling Rs 66.87 billion, followed by palm and processed oil worth Rs 40.27 billion. Imports of iron stood at Rs 39.72 billion, boilers and machines Rs 32.07 billion, electrical machines Rs 34.13 billion, and vehicles and parts Rs 29.33 billion. The country also imported chemical fertilizers worth Rs 21.35 billion and plastic goods worth Rs 17.03 billion.

On the export front, edible oil and ghee products led the pack, with Rs 35.35 billion worth exported. Tea, coffee, and spices followed at Rs 3.08 billion. Garments worth Rs 4.74 billion, yarn worth Rs 3.37 billion, and carpets worth Rs 2.83 billion were also among top earners.

Despite the export surge, Nepal’s trade deficit widened to nearly Rs 4 trillion. The deficit rose by 12.18 percent from last year’s Rs 3.52 trillion to Rs 3.95 trillion. Of the 132 countries Nepal trades with, it recorded deficits with 104 of them.

India remains the biggest trade partner and deficit source, with imports worth Rs 2.58 trillion against exports of Rs 59.12 billion, leaving a gap of around Rs 2 trillion. From China, Nepal imported goods worth Rs 1.04 trillion but exported only Rs 186.4 million, creating a trade deficit of roughly Rs 1.04 trillion. Argentina ranked third with a deficit of Rs 27.89 billion, as Nepal imported the same amount while exporting only Rs 588,000.

Nepal also recorded trade deficits with countries including the UAE, Indonesia, Brazil, Thailand, Qatar, Canada, Australia, and Japan. Only 28 countries showed a trade surplus for Nepal. Afghanistan topped the list with a surplus of Rs 284.6 million, followed by Denmark at Rs 88.2 million and Russia at Rs 66.9 million.

People’s News Monitoring Service