Kathmandu, December 02: Nepal’s exports to India have witnessed an upward spiral in the first three months of the current fiscal year, according to Nepal Rastra Bank (NRB).
The shipments to India went up by 35.8%, thus also resulting in a decline of Nepal’s trade deficit with its southern neighbor. Such deficit with India in the last fiscal year had amounted to Rs 764.3 billion
On the other side, the exports to China and other countries decreased during the review period by 19.9 percent and 11.7 percent respectively. Despite this, the total export increased by 14.4 percent, NRB stated.
Export to India until October 17 in the fiscal year 2019/20 was equivalent to Rs 27.17 billion. Nepal’s export to India includes palm oil, cardamom, ayurvedic medicines, jute products, yarn (polyester and others) which has increased while the export of goods like corrugated zinc sheets, juice, readymade garments, woolen carpets, wire, etc. to China and other countries has decreased.
Meanwhile, the total import has decreased by 10.03 percent and reached Rs 334.95 billion in the first three months of the current fiscal year. This import had increased by 43.06 percent in the corresponding period of the previous year.
On the basis of the countries from where foods are imported, the import from India and other countries has decreased by 12.02 percent and 19.01 percent respectively whereas imports from China has increased by 11.06 percent, according to the NRB.