KATHMANDU: The Customs Department reports that during the first seven months of the current fiscal year, Nepal's foreign commerce increased 13.30% over the same period last year. Both import and export growth were the main drivers of this expansion.
The entire trade value increased from Rs. 984.77 billion to Rs. 1.11 trillion during the same period of the previous fiscal year. The nation's commerce activity has significantly increased as a result.
In January, Nepal brought in Rs. 988.59 billion worth of commodities, resulting in a 10.09% increase in imports. In contrast, imports came to a total of Rs. 897.94 billion during the same period last fiscal year.
Exports rose from Rs. 86.84 billion to Rs. 127.20 billion in January, a further 46.50% gain from the previous year. This significant rise indicates that the trade balance is improving, even if imports still make up the majority of trade.
Diesel continued to be Nepal's top import, coming in at Rs. 66.48 billion. Other significant imports included raw materials for iron (Rs. 29.95 billion), cooking gas (Rs. 35.48 billion), soybean oil (Rs. 31.69 billion), and gasoline (Rs. 37.64 billion).
Soybean oil exports realized an income of Rs. 32.41 billion topping the stock at home in Nepal. Some other equally significant representatives include sunflower oil and seeds (6.57 billion), cardamom, carpets, black tea, and iron rods.
More imports and exports in general reflect high development in commercial activity and economic activity, which are positive conditions in the selling environment of Nepal.
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