Tag: Imports

  • Nepal’s Macroeconomic Snapshot: Resilient Remittances, Forex Stability, and Balanced Trade Dynamics in the First Seven Months of 2023/24

    Nepal’s Macroeconomic Snapshot: Resilient Remittances, Forex Stability, and Balanced Trade Dynamics in the First Seven Months of 2023/24


    The Nepal Rastra Bank (NRB), the central bank of Nepal, has presented an overview of the country’s macroeconomic and financial situation based on data from the first seven months, ending mid-February of 2023/24.

    Overall

    According to NRB, the inflation rate was estimated at 5.01% on a year-on-year basis. The gross foreign exchange reserves reached USD 13.89 billion. Total imports decreased by 2.3%, exports by 7.1%, and the trade deficit by 1.8%. The NEPSE index stood at 2101.16.

    Inflation

    Year-on-year consumer price inflation moderated to 5.01% in mid-February 2024, compared to 7.88% a year ago. Wholesale price inflation stood at 2.82% in mid-February 2024.

    Import and Export

    Merchandise exports decreased by 7.1% to Rs. 86.83 billion, while merchandise imports decreased by 2.3% to Rs. 897.94 billion. The total trade deficit decreased by 1.8% to Rs. 811.11 billion.

    Services and Remittance

    Net services income remained at a deficit of Rs. 37.26 billion, while remittance inflows increased by 21.6% to Rs. 839 billion.

    Inter-bank Transaction

    BFIs inter-bank transactions amounted to Rs. 2872.44 billion. The price of oil decreased to USD 83.88 per barrel, and the price of gold increased to USD 2015.20 per ounce.

    Foreign Exchange Reserves

    Gross foreign exchange reserves increased to Rs. 1844.94 billion. Reserves held by NRB and other institutions increased, and the Indian currency’s share in total reserves stood at 22.6%.

    Exchange Rate

    The Nepalese currency depreciated by 1.05% against the US dollar.

    Nepal Government Expenditure and Revenue

    Total government expenditure stood at Rs. 686.75 billion, with revenue mobilization reaching Rs. 567.40 billion.

    Cash Balance of Government

    The cash balance at various accounts of the Government of Nepal (GoN) maintained with NRB stood at Rs. 215.26 billion.

    Banking

    Domestic credit increased by 3.2%, deposits at Banks and Financial Institutions (BFIs) increased by 7.0%, and private sector credit from BFIs increased by 4.1%.

    Interest Rates

    Average base rates of commercial banks, development banks, and finance companies stood at 9.06%, 11.13%, and 12.70%, respectively.

    Balance of Payments

    The Balance of Payments (BOP) remained at a surplus of Rs. 297.72 billion.

  • “Nepal’s Market Hit by Decline in Mobile Phone Imports.”

    “Nepal’s Market Hit by Decline in Mobile Phone Imports.”


     

    According to the Customs Department’s international trade statistics, Nepal experienced a significant decline in the number of mobile phones entering the country. In the previous financial year (2078/79), the value of mobile imports exceeded Rs. 38 Arba, but in the last year (2079/80), it dropped to just Rs. 26 Arba. The data shows that 39 lakh 35 thousand 367 mobile phones were imported, with a value of Rs. 26 Arba 51 crore 47 lakh 20 thousand, resulting in the government collecting revenue of Rs. 4.88 Arba 73 lakh 76 thousand from mobile phone imports.

     

  • “Nepal’s Trade Deficit Narrows to Rs. 14.54 Kharba in FY 2079/80 with Rs. 16.11 Kharba Total Imports”

    “Nepal’s Trade Deficit Narrows to Rs. 14.54 Kharba in FY 2079/80 with Rs. 16.11 Kharba Total Imports”


     

    Nepal saw a significant improvement in its trade balance in fiscal year 2079/80 as trade deficits decreased by 15.45% compared to the previous year 2078/79. This improvement was mainly due to a sharp decline in imports, which dropped by 16.08% during the same period. The government’s strict measures played a crucial role in reducing imports, and according to the Customs Department’s data, the total imports stood at Rs. 16.11 Kharba in the financial year 2079/80.

     

  • Surge in Electric Vehicle Imports Impacts Government Revenue in Jestha

    Surge in Electric Vehicle Imports Impacts Government Revenue in Jestha


     

    The import of electric vehicles in the month of Jestha saw a significant rise, with 3,800 units being imported. This increase in import numbers was observed as businesses are increasingly turning to electric vehicles due to challenges in importing petroleum vehicles. The customs department provided statistics indicating that the import consisted of electric cars, vans, and jeeps. In addition, during the same month, the export amount reached Rs. 11.23 Arba.

     

  • Imports and exports both fell in the first nine months of fiscal year 1979/80.

    Imports and exports both fell in the first nine months of fiscal year 1979/80.


     

    The foreign trade figures for Nepal for the first nine months of fiscal year 2079/80 have been released. According to government data released on Thursday, Nepal’s trade deficit reduced by 17.06 percent to Rs. 10.83 Kharba from Rs. 13.06 Kharba the previous year.

     

  • Imports and exports both fell in the first eight months of fiscal year 1979/80.

    Imports and exports both fell in the first eight months of fiscal year 1979/80.


    The first eight months of Nepal’s fiscal year 2079/80’s foreign trade statistics have been released. According to government data released on Wednesday, Nepal’s trade deficit fell by 17.86 percent to Rs. 9.53 Kharba from Rs. 11.60 Kharba the previous year.

    The trade deficit is the amount by which a country’s imports cost more than its exports.

    One of the major causes of the national economy’s downturn is the trade deficit. Nepal has been experiencing an imbalance in import and export factors.