During the first ten months of the current Fiscal Year (FY) 2024/25, Nepal’s merchandise exports soared by 72.7 percent to Rs. 217.91 billion, a sharp contrast to a 3.6 percent decline recorded during the same period in the previous year, according to the Nepal Rastra Bank (NRB).
The NRB’s report, “Current Macroeconomic and Financial Situation of Nepal (Based on Ten Months Data Ending Mid-May 2024/25),” released on Tuesday, highlighted notable growth in destination-wise exports: India (104.7%), China (5.1%), and other countries (4.2%).
Key export commodities showing strong performance included soybean oil, polyester yarn and thread, tea, jute goods, and oil cakes. Conversely, exports of palm oil, zinc sheets, readymade garments, juice, and cardamom declined during the same period.
Merchandise imports also rose significantly, increasing by 13.1 percent to Rs. 1,474.19 billion—compared to a 2.4 percent decline a year earlier. Imports from India, China, and other countries rose by 7.9 percent, 15.1 percent, and 28.3 percent, respectively. The growth was driven by higher imports of crude soybean oil, rice/paddy, edible oils, transport equipment, vehicles and spare parts, and sponge iron. However, imports of petroleum products, gold, electrical equipment, chemical fertilizers, and coal fell.
Export activity rose across nearly all major customs points, with the exception of Jaleshwor, Kanchanpur, and Tatopani. On the import side, all major customs offices—including Bhairahawa, Biratnagar, Birgunj, and Tribhuvan Airport—reported increases.
Despite the export boost, Nepal’s trade deficit widened by 6.7 percent, reaching Rs. 1,256.28 billion. This compares with a 2.3 percent decline in the same period last year. However, the export-import ratio improved, rising to 14.8 percent from 9.7 percent a year ago.
Additionally, merchandise imports from India paid in convertible foreign currency totaled Rs. 152.48 billion, up from Rs. 122.02 billion during the corresponding period of the previous fiscal year.
