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Merchandise Export Declines 24.9%, Import Drops 13.9 %

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Merchandise Export Declines 24.9%, Import Drops 13.9 %
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April 20: Merchandise exports and imports have sharply dropped in the eight months of the current fiscal year, a new Nepal Rastra Bank (NRB) data shows. According to the recently published Macroeconomic and Financial Situation of Nepal, merchandise exports has dropped by 24.9 percent to Rs 42.73 billion compared to a drop of 6.6 percent in the same period of the previous year. The new NRB statistics reveals that exports to India has declined by 34.5 percent whereas, exports to China has decreased by 45.9 percent and other countries by 3.7 percent in the review period. Commodity wise, export of zinc sheets, textiles, GI pipes, juices, among others to India, tanned skin, noodles, readymade garments, among others to China and pulses, tanned skin, readymade leather goods and tea to other countries have declined.

 Similarly, merchandise imports have dropped by 13.9 percent to Rs 435.80 billion in the review period as against a growth of 10.5 percent in the same period of the previous year. In the review period, imports from India have decreased by 19.3 percent, China by 2 percent and other countries by 6.1 percent. Commodity wise, import of petroleum products, MS billets, chemical fertilizers, machinery and parts from India have declined. Similarly, machinery and parts, electrical goods, medical equipments and parts, steel rod and sheet, among others from China have dropped. Likewise, silver, edible oil, crude palm oil, copper wire, among others from other countries have also decreased.

Due to the decrease in exports and imports, trade deficit of the country has also contracted by 12.5 percent to Rs 393.07 billion in the review period compared to an expansion of 13.1 percent in the same period of the previous year. The export-import ratio has dropped to 9.8 percent in the review period from 11.2 percent in the same period of the previous year. 

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