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Kathmandu Tuesday September 04, 2001 Bhadra 19, 2058.
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Trade
deficit squeezes
Post Report
KATHMANDU, Sept 3 - Propped up by continued
double-digit growth in exports and with a comparatively smaller growth in the imports, the
overall trade deficit, in the last fiscal year, has declined.
According to the annual trade figure of Nepal
Rastra Bank for the fiscal year 2000/01, the total exports surged by 14.9 per cent and
touched Rs 57.24 billion against Rs 49.82 billion recorded during the fiscal year
1999/2000. Similarly, during the period, total imports also soared, albeit in a small
extend of 4.5 per cent and touched Rs 113.39 billion from Rs 108.5 billion witnessed in
the previous year.
As a result of smaller growth in the import
against the export, the overall trade deficit, squeezed by 4.3 per cent to remain at Rs
56.14 billion against Rs 58.62 billion recorded in the previous year.
Despite the double-digit growth of 21.5 per cent
in the total trade with India, the negative growth rate in the total trade with other
countries dragged down the growth rate of overall foreign trade just by 7.8 per cent to
remain at Rs 170.63 billion.
With the growth rates of 36.3 per cent and 24.1
per cent in total trades with India and other countries, the overall trade of the country
during the previous year, had witnessed a remarkable surge of 28.5 per cent and had
touched Rs 158.3 billion.
While analyzing sectoral composition of the
total foreign trade of last two fiscal years, it can be found that the contribution of
India has been continuously increasing with similar decline in the participation of third
countries. During the fiscal year, 1999/2000, Indian participation was 38.5 per cent,
which during last fiscal year increased to touch 43.3 per cent. Similarly, the
participation of third countries in the total trade declined to 56.7 per cent from 61.5
per cent witnessed in the previous fiscal year.
With an impressive growth rate of 28.7 per cent,
the total export to India touched Rs 27.30 billion, up from Rs 21.22 billion recorded
during the previous year. Among the goods exported to India, vegetable ghee emerged as the
largest export to India by pushing down Pasmina to the second position. With the
impressive growth rate of almost 30 per cent, the total value of the vegetable ghee
exported to India touched Rs 3.56 billion whereas such figure for previous year was Rs
2.74 billion.
Despite a decline of 23 per cent, Pasmina
products maintained the second position by exporting pasmina worth Rs 2.73 billion. During
the period, the total exports of copper wire rod to India registered a majestic growth of
229.6 per cent to touch Rs 2.08 billion. Similarly, with a decline of over 10 per cent,
toothpaste maintained the fourth position in the export list to India with Rs 2.03
billion.
Despite decline in the major overseas exportable
items, export to third countries, during the period, registered a growth of 4.7 per cent.
Ready-made garments continued to maintain the number one position with the export volume
of Rs 13.12 billion, which is a decline of almost 6 per cent as compared to last year.
Similarly with the tumble of 12.7 per cent,
woollen carpets remained in the second position with Rs 8.59 billion., With an export
value of Rs 4.12 billion, Pasmina products emerged as the third largest overseas export.
Similarly, with the impressive bounces of 262 per cent, export of tanned skin was placed
at fourth value of Rs 658.4 million.
In the import front, imports from India
increased by 17.7 per cent to touch Rs 46.66 billion. Among the major imports from India,
vehicles and spare parts topped the list with import value of Rs 4.54 billion, which was a
rise of 68.6 per cent. Textiles secured the second position with an increase of 19.6 per
cent to touch Rs 4.09 billion.
Despite a fall of over 12 per cent, imports of
medicine ranked in third position with Rs 2.67 billion, while other machinery parts
maintained fourth position with the import value of Rs 2.11 billion despite a decline of
over 18 per cent.
With the total import value of Rs 9.81 billion,
Petroleum products continued to top the list of imports from third country whereas such
figure for the previous year was Rs 8.13 billion. Gold import registered a decline of over
21.1 per cent and confined to Rs 5.76 billion against Rs 7.3 billion recorded previous
year.
Similarly, import of copper wire rod
demonstrated a robust growth of 160.7 per cent to touch Rs 4.11 billion, while with a
decline of 6.1 per cent, the import of other machinery and parts touched Rs 3.35 billion
and became the fourth largest import commodity from other countries.
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