Kathmandu, May 21: The country’s foreign trade has decreased marginally during the first 10 months of the current fiscal year 2023/24.

According to the foreign trade statistics based on 10 months of the current fiscal year made public by the Department of Customs Monday, foreign trade has decreased by 2.50 per cent to Rs. 1,429.53 billion during the first 10 months of the current fiscal year.

Decline in both exports and imports has contributed to a fall in foreign trade during the review period.

Imports have decreased by 2.39 per cent during the first 10 months of the current fiscal year. Goods worth Rs. 1,303.35 billion were imported in the review period. The country imported goods worth Rs. 1,335.32 billion in the same period last fiscal year.

Not only imports, but also exports have decreased. Goods worth Rs. 126.17 billion have been exported in 10 months of the current fiscal year. Goods worth Rs. 130.90 billion were exported in the first 10 months of the last fiscal year.

Although exports decreased by 3.61 per cent, there was some improvement in the overall trade deficit in the first 10 months of the current fiscal year. The country faced a trade deficit of Rs. 1,177.18 billion. This trade deficit is 2.26 percentage point less than the same period last year. 

The country had faced a trade deficit of Rs. 1,204.42 billion during the first 10 months of the last fiscal year 2022/23.

During the review period, the ratio of import and export stood at 1:10.33 while it was 1:10.20 during the same period in fiscal year 2022/23.  

The share of exports to the total trade has dropped by 1.14 per cent during the first 10 months of the current fiscal year as compared to same period last fiscal year.

During the review period, the share of exports and imports to the total trade was 8.83 and 91.17 per cent respectively. 

In the first 10 months of the last fiscal year, the contribution of exports and imports to the total foreign trade was 8.93 and 91.07 per cent respectively.

Similarly, the export of soybean oil and palm oil has decreased significantly due to reduction in import which contributed to decline in overall export during the first 10 months of the current fiscal year.

Soybean oil worth Rs. 860 million has been exported during the first 10 months of the current fiscal year while it was Rs. 8.46 billion in the same period last fiscal year. 

Palm oil worth Rs. 6.31 billion and sunflower oil worth Rs. 160 million have been exported during the review period. 

The country had exported palm oil worth Rs. 18.44 billion and sunflower oil worth Rs. 364 million had been exported during the first 10 months of the last fiscal year.

During the review period, the country exported cement and clinker worth Rs. 3.33 billion, tea and coffee worth Rs. 3 billion, carpet worth Rs. 9 billion, and cardamom worth Rs. 6.91 billion.

Meanwhile, crude soybean oil worth Rs. 11.52 billion, crude palm oil worth Rs. 11.92 billion and sunflower oil worth Rs. 13.78 billion have been imported during the review period.

The crude soybean oil worth Rs. 31.97 billion, palm oil worth Rs. 24.56 billion and sunflower worth Rs. 15.18 billion were imported during the first 10 months of the last fiscal year 2022/23.

In the first 10 months of the current fiscal year, petrol worth Rs. 56.81 billion, diesel worth Rs. 115.67 billion, kerosene worth Rs. 1.03 million, aviation fuel worth Rs. 17.58 billion and liquefied petroleum gas worth Rs. 46 billion have been imported. 

Similarly, the country has imported maize worth Rs. 11.90 billion, rice and paddy worth Rs. 19.50 billion and wheat worth Rs. 7.80 billion during the review period.