Trade deficit
ballooned to Rs 289.62 billion in the first half of current fiscal year
2013-14.
The country imported
goods worth Rs 334.83 billion, whereas exported only Rs 45.21 billion,
according to the Trade and Export Promotion Centre (TEPC) figures.
Though, the overall
trade volume stood at Rs 380.04 billion – that is an increment of 14.2 per cent
compared to the same period a year ago – the exports increased by 17 per cent and
imports grew 13.8 per cent, the TEPC data revealed.
Due to the government’s
failure in boosting exports, it could neither arrest the ballooning trade
deficit not boost internal production and exports.
The country imported
gold worth Rs 12.51 billion in first six months, whereas as usual the
highest import bill stood of petroleum products at Rs 61.62 billion.
Iron and
steels (Rs 29.5 billion) stood followed the petroleum products, whereas automobile
and spare parts (Rs 20.28 billion) stood third largest imports.
Likewise,
the exports of lentils, ginger and silver jewellery dropped as lentils export
slumped from Rs 2.01 billion to Rs 964.72 million, the data revealed, adding
that the woollen garment exports has, however, increased by a whopping 40.3 per
cent to Rs 3.63 billion, whereas readymade garment exports swelled by 50.4 per cent
to Rs 2.72 billion.
India as
always is the largest trading partner of Nepal both in terms of exports and
imports as the country exported goods worth Rs 29.51 billion to India and imported
Rs 221.89 billion.
Apart from India,
US, Germany, China, UK and Bangladesh are the major export destinations of
Nepali products.
The TEPC data also revealed
dismal situation of exports under Nepal Trade Integration Strategy (NTIS) as
the country exported NTIS products worth Rs 14.20 billion against Rs 14.68
billion in the six months of last fiscal year.
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