The country
imports Rs 13.8 worth merchandise, if it exports Rs 1 worth, according to the
annual data of the central bank.
The ratio of export to import declined to 13.8 per cent in the last
fiscal year 2012-13, from 16.1 per cent a fiscal year ago, reported the central
bank’s macroeconomic report for
fiscal year 2012-13.
Likewise, trade deficit has widened by Rs 479.82 billion – exceeding the budget of Rs 404 billion – due to low export as it increased by only Rs 2.66 billion or 3.6 per cent to Rs 76.92 billion during the last fiscal year compared to a fiscal year ago, when the country had exported Rs 74.26 billion worth merchandise.
Likewise, trade deficit has widened by Rs 479.82 billion – exceeding the budget of Rs 404 billion – due to low export as it increased by only Rs 2.66 billion or 3.6 per cent to Rs 76.92 billion during the last fiscal year compared to a fiscal year ago, when the country had exported Rs 74.26 billion worth merchandise.
But the import
has surged by 20.6 per cent to Rs 556.74 billion – around one third of the
total GDP – during last fiscal year compared to an increase by 16.5 per cent to
Rs 461.67 billion a fiscal year ago.
India with 66 per cent share in the total Nepal’s trade, is the largest
trade partner as usual, with imports from India soared by 22.3 per cent
compared to a growth of 14.3 per cent a fiscal year ago in 2011-12.
The appreciating US dollar, though helped remittance inflow that stood at Rs Rs 434.58
billion – exceeding the budget of Rs 404.82 billion by Rs 29.76 billion – failed
to help exporters fetch more US dollar as the third countries exports increased
to Rs 25.9 billion — an increment by a mere 5.2 per cent — compared to a growth
of 17.5 per cent a fiscal year ago.
The Balance of Payment (BoP) reported a surplus of Rs 68.94 billion
compared to a surplus of Rs 131.63 billion a fiscal year ago, the report said, attributing
the surplus to current
account that posted a surplus of Rs 57 billion due to service income surplus of
Rs 7.59 billion and net transfers composing of remittance income.
The gross foreign
exchange reserves, however, increased by 21.4 per cent to Rs 533.30 billion
which stood at Rs 439.46 billion a fiscal year ago. On the basis of current trend
of imports, the existing level of reserves is sufficient for financing
merchandise imports of 11.7 months and merchandise and service imports of 10.1
months, according to the central bank report.
FDI
commitment up
KATHMANDU:
Though, the government announced 2012-13 as the Nepal Investment Year, foreign
direct investment (FDI) commitment has increased by 171.7 per cent in the last
fiscal year, according to the central bank data. “The number of joint venture
projects has increased by 32 per cent, according to the Department of Industry.
“The department granted 300 joint venture projects with FDI commitment of Rs
19.39 billion,” it said, adding that a fiscal year ago in 2011-12, some 227
joint venture projects were approved with a total investment of Rs 7.14 billion.
“Out of 300 approved projects, some 87 were tourism related, 85 services, 77
manufacturing, 42 agriculture, four energy, four mineral and one construction
related project.” Country-wise, China is the largest investor with 96
industries, followed by India with 37, South Korea 24, USA 22 and remaining 121
from other countries. These projects were expected to generate direct
employment opportunities for some 14,895 people, the report added.
Fiscal Year 2012-13 in figures:
·
Export
increased by only Rs 2.66 billion to Rs 76.92 billion in the last fiscal year
2012-13 compared to a fiscal year ago’s Rs 74.26 billion.
·
Petroleum
products – the largest import – accounts for 19.24 per cent to Rs 107.13
billion of the total import of Rs 556.74 billion in the last fiscal year.
·
Trade
deficit that stood at Rs 479.82 billion exceeds the budget of Rs 404.82 billion
by Rs 75 billion.
·
Remittance
inflow Rs 434.58 billion exceeds budget of Rs 404.82 billion by Rs 29.76
billion.
·
Inflation
stood at 9.9 per cent, though the target was to contain at seven per cent. It
was 8.8 per cent a fiscal year ago.
·
FDI
commitment up to Rs 19.39 billion with 300 projects.
·
China with
investment commitment in 96 industries becomes the largest FDI source country.
·
The gross foreign
exchange reserves increased to Rs 533.30 billion.
·
A total of 453,543
youths went abroad for foreign employment with Malaysia topping the chart with
156,770.
·
Of the total
Rs 404.82 billion budget, the government spent only Rs 347.74 billion; Rs 47.15
billion under capital expenditure and Rs 237.99 billion under recurrent
expenditure.
·
A total number
of Class A, B, C, D and institutions that have limited banking permission
reduced to 254 from a fiscal year ago’s 266 due to merger.
·
Commercial
banks have some 1,486 branches, development banks 764, finance companies 242
and microfinance development banks 634 branches.
·
A branch
covers around 8,475 population by the end of the last fiscal year 2012-13.
·
The loan and advances of BFIs increased by 18.6 per cent to Rs 180.20 billion
compared to a growth of 13.2 per cent to Rs 112.78 billion a fiscal year ago.
·
Government mobilised
Rs 296.01 billion revenue against the target of Rs 289.61 billion.
·
A total of
586,668 foreign tourists visited Nepal via air compared to 595,262 a fiscal
year ago.
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