In the first five months of the current fiscal year, the country’s foreign commerce increased by 63 percent.

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commerce has climbed by 63 percent in the first five months of the current fiscal year (which began on July 16) when compared to the equivalent time last year, according to official figures (2020-21).

India recorded trade worth Rs 575 billion in the first five months of the previous fiscal year, while the amount increased to Rs 941 billion in the first five months of this fiscal year.

According to the most recent data released by the Department of Customs, the business has also climbed by 59.55 percent this year when compared to the same period last year.

The value of in the first five months of the previous fiscal year was computed at Rs 525 billion, and it has increased to Rs 838 billion as of the middle of December in the current fiscal year.

Similarly, exports increased by 105.61 percent over the time period under consideration. From mid-December last year to mid-December this year, Nepal’s export business generated Rs 50.05 billion, and it generated Rs 102 billion in the same time this year.

According to the Department of Commerce, despite data indicating an increase in exports this year, the country’s trade deficit has increased much more this year when compared to the previous year. A 54.7 percent increase in India’s trade deficit results in a total of Rs 735 billion in the first five months of the current fiscal year, according to official figures. During the same period the previous year, the figure was Rs 475 billion.

When it came to the country’s total international commerce in the first five months of the previous fiscal year, accounted for 91.3 percent of the total, and this figure has decreased by 2.45 percent in the first five months of the current fiscal year, to stand at 98.07 percent.

In a similar vein, the proportion of exports in total international trade has climbed to 10.93 percent, representing a 25.72 percent gain.

In the first five months of the previous fiscal year, it was 8.7 percent. According to the Department, out of the petroleum products that account for a significant component of the country’s commerce, the most significant amount of diesel was imported during the first five months of the current fiscal year, followed by gasoline. Until the middle of December 2021, diesel worth Rs 49.02 billion had been imported.

Similarly, crude soybean oil ranks second in terms of the share of that exceeds the national average. Entrepreneurs in Nepal acquire crude soybean oil from a variety of sources throughout the world and then export it to other nations after it has been refined.

In the first five months of the current fiscal year, it is estimated that approximately 980 million liters of soybean oil worth Rs 33.66 billion were imported from outside.

It was reported that palm oil worth Rs 24.61 billion, petrol worth Rs 24.10 billion, LP gas worth Rs 23.11 billion, and phone sets worth Rs 20.35 billion were imported, according to the Department of Commerce.

Nepal shipped the greatest quantity of soybean oil out of all the countries that exported goods. Recent data shows that soybean oil worth Rs 30.55 billion was exported from Nepal, followed by palm oil worth Rs 27.42 billion, according to official figures.

The crude palm oil is imported by entrepreneurs, who then refine it into soybean oil and it to various nations.

In accordance with the Department’s records, carpet worth Rs 3.73 billion and jute and other woven textiles worth Rs 2.65 billion were exported in 2011.

Nepal purchased commodities worth around Rs 500.03 billion from India during the first five months of the current fiscal year and exported items worth approximately Rs 84.15 billion. As a result, Nepal’s trade imbalance with India alone amounts to more than Rs 415 billion (approximately).

Additionally, during the first five months of the current fiscal year, Nepal purchased commodities worth Rs 122 billion from China while goods worth Rs 381.6 million from the same country.

Following that, Birgunj transit point recorded goods worth more than Rs 290 billion, followed by Bhairahawa transit point, which recorded goods imports worth Rs 136 billion, and finally the customs at Tribhuvan International Airport (TIA), which recorded imports worth more than Rs 105 billion, according to Department of Commerce statistics.

Birgunj Customs handled more than Rs 49.41 billion in exports, whereas Biratnagar Customs handled Rs 28.56 billion and TIA Customs handled Rs 14.41 billion in exports.

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