Both exports and imports have declined in the first month of the current fiscal year 2024/25.

According to the Department of Customs, the country's exports declined by 9.63 per cent during the first month of the current fiscal year compared to the same period of the last fiscal year 2023/24.

Goods worth Rs. 12.22 billion were exported in the first month of the current fiscal year while goods worth Rs. 13.52 billion were exported in the same period of last fiscal year.

During the review period, the country exported soybean oil alone worth Rs. 27 million and palm oil worth Rs. 92 million.

During the review period, yarn worth Rs. 1.48 billion, carpet worth Rs. 1.17 million, tea and coffee worth Rs. 595 million, cardamom worth Rs. 161 million and ginger worth Rs. 154 million were exported.

Similarly, the country exported cement and clinker worth Rs. 148 million during the review period.

During the review period, imports decreased by 0.67 per cent during the first month of the current fiscal year.

Goods worth Rs. 128.37 billion were imported in the review period. The country imported goods worth Rs. 129.23 billion in the same period last fiscal year.

The crude palm oil worth Rs. 305 million, crude soybean oil worth Rs. 294 million and crude sunflower oil worth Rs. 629 million were imported during the review period.

In the first month of the current fiscal year, petrol worth Rs. 5.69 billion, diesel worth Rs. 6.98 billion, aviation fuel worth Rs. 1.2 billion, kerosene worth Rs. 63 million and liquefied petroleum gas worth Rs. 4.82 billion were imported.

Meanwhile, maize worth Rs. 728 million, paddy and rice worth Rs. 2.11 billion and wheat worth Rs. 25 million were imported.

During the review period, the country imported about 380 electric four-wheeler vehicles, including car vans worth Rs. 897 million.

Similarly, 161 electric vehicles with motor power up to 50 kW were imported. The country imported 646 three-wheeler electric vehicles worth Rs. 65 million in the first months of the current fiscal year.

Trade deficit goes up marginally

The decline in both exports and imports has contributed to a fall in foreign trade during the review period.

The country's foreign trade decreased significantly during the first month of the current fiscal year 2024/25.

According to the Department of Customs, foreign trade has decreased by 1.52 per cent to Rs. 140.60 billion during the first month of the current fiscal year.

Owing to declines in exports and imports, there was some improvement in the overall trade deficit in the first month of the current fiscal year.

The country now faces a trade deficit of Rs. 116.15 billion, which is higher by 0.38 per cent compared to the same period last year.

Source: The Rising Nepal