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Saturday, July 13, 2019

Country’s export rises by 19.2 pc

Kathmandu, July 13

The contribution of exports in the country’s foreign trade reached 6.3 per cent in the first 11 months of this fiscal, up19.2 per cent compared to the same period of last fiscal.

As per provisional statistics on foreign trade compiled by Trade and Export Promotion Centre (TEPC) for the first 11 months of current fiscal, the country exported goods worth Rs 87.83 billion. In the same period of last fiscal, the country had exported goods worth Rs 73.69 billion. Meanwhile, exports had stood at Rs 67.60 billion in fiscal 2016-17.

During the first 11 months of this fiscal, polyester thread, palm oil, woollen carpets, iron and steel products, readymade garments, jute and jute products, juice, cardamom, tea and pashmina were the highest exported goods.

As per the TEPC report, the country exported polyester and other threads worth Rs 9.03 billion in the review period, which is 19.4 per cent more compared to the same period of the last fiscal.

Meanwhile, export of iron and steel products stood at Rs 5.97 billion, while that of carpets was worth Rs 6.77 billion in the review period.

Woollen carpets, meanwhile, accounted for 8.91 per cent share in the total world exports of carpets. Almost 95 per cent of Nepali carpets are being exported.

Meanwhile, readymade garments worth Rs 5.59 billion were exported in the first 11 months of current fiscal, which is 6.6 per cent more than the previous year. Similarly, jute and jute products worth Rs 5.42 billion, juice worth Rs 3.67 billion, tea worth Rs 2.89 billion, textiles worth Rs 3.10 billion, cardamom worth Rs four billion, pashmina worth Rs 1.74 billion and herbs worth Rs 1.36 billion were exported in the review period.

The report further mentions that from this fiscal, palm oil and soybean oil were exported for the first time in the country’s history. Palm oil worth Rs 8.70 billion and soybean oil worth Rs 2.05 billion were exported in the review period.

Palm oil accounted for 9.9 per cent while soybean oil covered 2.1 per cent of total exports.

The country has been exporting goods majorly to India, the United States, Germany, Turkey, UK, China, France, Bangladesh, Italy, Japan, Canada, Australia and Switzerland.

Although the country’s exports have been increasing each year, imports have also been rising exponentially.

While Nepal exported goods worth Rs 87.83 billion in the review period, imports stood at a staggering Rs 1.29 trillion. This means that the country’s trade deficit widened to Rs 1.21 trillion in the first 11 months of the current fiscal against Rs 1.03 trillion in the corresponding period of last fiscal.

The post Country’s export rises by 19.2 pc appeared first on The Himalayan Times.



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