The country has exported Rs 29 billion worth goods to India‚ the largest trading partner‚ in the first seven months of the current fiscal year.
“The country had exported Rs 28.50 billion worth merchandise in the same period of the last fiscal year2011-12‚” according to the data of Trade and Export Promotion Centre (TEPC).
The increase in exports to India has posted a mere 1.8 per cent‚ whereas the imports from India has increased by 26.9 per cent as the country has imported Rs 222.67 billion worth merchandise from India in the mid-February compared to Rs 175.50 billion in the same period of the last fiscal year‚ the data revealed.
Likewise‚ the exports to USA — the country’s second largest export market — has decreased by 12.8 per cent to Rs 3.01 billion from the seven months of the last fiscal year’s exports of Rs 3.45 billion. Likewise‚ the imports from the USA has also decreased by 2.3 per cent to Rs 2.60 billion in mid-February from last fiscal year’s same period’s imports of Rs 2.66 billion.
Similarly‚ Bangladesh‚ the country’s third largest export market‚ has consumed Rs 2.29 billion‚ which is 62.6 per cent higher compared to the seven months of the last fiscal year’s Rs 1.41 billion.
The rising imports that stood at Rs 340.16 billion — an increase by 24.7 per cent from the same period of 2011-12 — in the seven months of the current fiscal year 2012-13 but low export that stood at Rs 44.20 billion — an increase by a mere 3.7 per cent compared to same period of last fiscal year — has widened the trade deficit to Rs Rs 295.96 billion‚ according to the data that has revealed that trade deficit has increased by 28.9 per cent mainly due to huge surge in imports of petroleum products which stood at Rs 60.78 billion in mid-February. “Iron and steel products — the second largest import — stood at Rs 34.12 billion and gold and silver import — the third largest import — stood at Rs 20.51 billion in the seven months of the current fiscal year.”
Likewise‚ natural honey‚ articles of silver jewellery‚ iron and steel products and wooden products are some of the exports under the Nepal Trade Integration Strategy (NTIS) list that has been promoted by the government as the huge potential export products‚ though they have not performed better.
Top five export market in seven months
India -- Rs 29 billion
USA -- Rs 3.01 billion
Bangladesh -- Rs 2.29 billion
Germany -- Rs 1.53 billion
China P R -- Rs 1.50 billion
Top five import market in seven months
India -- Rs 222.67 billion
China P R -- Rs 41.58 billion
UAE -- Rs 22.06 billion
Thailand -- Rs 5.24 billion
Indonesia -- Rs 4.72 billion
(Source: Trade and Export Promotion Centre)